Pandox is exposed to a number of risks and its valuation is dependent on a number of factors. Below we highlight some important factors and their effect on Pandox.
Sensitivity to key valuation parameters
(As of 31 March, 2021)
|Investment properties effect on fair value||Change %||Effect on value MSEK|
|Change in currency exchange rates||+/- 1%||+/- 368|
|Net operating income 1)||+/- 1%||+/- 389 (536)|
|Investment properties effect on revenues||Change %||Change in revenues MSEK|
|RevPAR (assuming 50/50 split between occupancy and rate) 1)||+/- 1%||+/- 3 (25)|
|Operating properties effect on revenues||Change %||Change in revenues MSEK|
|RevPAR (assuming 50/50 split between occupancy and rate) 1)||+/- 1%||+/- 7 (23)|
|Financial sensitivity effect on pre-tax earnings||Change %||Change in pre-tax earnings MSEK|
|Interest expenses with current fixed interest hedging of our portfolio, change in interest rates 2)||+/- 1%||+33/+163|
|Interest expenses with a change in the average interest rate level 2)||+/- 1%||+241/-24|
|Remeasurement of interest-rate derivatives following shift in yield-curves||+/- 1%||-/+ 1,071|
1) The lower value refers to outcome in 2020 and the higher value in parenthesis refers to normal years, "pre-Covid-19".
2) The earnings effect is asymmetrical due to limited possibilities for Pandox to benefit in full from negative interest rates.