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Diös

Diös

SEKm 2020 2021e 2022e
Net operating income 1220 1289 1378
NOI margin (%) 65 65,9 66,7
CEPS Adj 6,59 7,22 7,78
CEPS Adj. growth (%) 1,5 9,5 7,8
DPS 3,3 3,4 3,5
EPRA NAVPS 79,7 87,39 95,84
EPS 6,82 6,15 6,64
EPS Adj 6,82 6,15 6,64
P/CEPS Adj. (x) 11,6 10,5 9,7
P/E Adj. (x) 11,3 12,3 11,4
P/EPRANAV (x) 0,96 0,87 0,79
Implicit yield (%) 5 4,8 4,9
div.yield (%) 4,3 4,5 4,6
LTV (%) 54 54,3 54,3
Rental Income 1878 1956 2067
Rental growth (%) 1,3 4,1 5,7
SEKm 2020 2021e 2022e
Rental income 1878 1956 2067
Other income 0 0 0
Operating costs -658 -667 -689
Net operating income 1220 1289 1378
NOI margin (%) 65 65,9 66,7
Value change realized 0 0 0
Value change unrealized 194 0 0
Administration costs -76 -75 -77
All other income & costs 0 0 0
EBIT 1338 1214 1301
Net financial items -185 -195 -203
Value change derivatives 0 0 0
Pretax profit 1153 1019 1098
Deferred profit tax -164 -143 -154
Current tax -75 -51 -55
Net profit 914 825 890
Minority interest 0 0 0
Net profit to shareholders 914 825 890
Other income statement related information 2020 2021 2022
Cash earnings 884 968 1043
Tax rate (%) -20,7 -19 -19
Net investments 1433 1990 2030
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 6,82 6,15 6,64
CEPS 6,59 7,22 7,78
CEPS adj. 6,59 7,22 7,78
Dividend per share Adj 3,3 3,4 3,5
Payout ratio of CEPS (%) 50 47,1 45
Rental growth (%) 1,3 4,1 5,7
NOI growth (%) 2,8 5,7 6,9
CEPS growth (%) 1,5 9,5 7,8
CEPS adj. growth (%) 1,5 9,5 7,8
Balance Sheet 2020 2021 2022
Properties 24512 26502 28532
Deferred tax asset 0 0 0
Receivables 304 317 335
Cash and liquid assets 0 0 0
Other assets 74 77 81
Current liabilities 0 0 0
Total assets 24890 26896 28948
Shareholders equity 9148 9913 10760
Minority 0 0 0
Deferred tax 1699 1750 1805
Interest bearing debt 14043 15233 16383
Short-term debt 0 0 0
Derivatives 0 0 0
Total liabilities and equity 24890 26896 28948
Other balance sheet related information 2020 2021 2022
Net IB debt 13247 14404 15507
Rental area m2 (000) 1455 1455 1455
Rent per m2 1291 1344 1420
Equity ratio (%) 36,8 36,9 37,2
Loan to value (%) 54 54,3 54,3
Net loan to value (%) 57,3 57,5 57,4
ICR real estate 6 6 6
Interest rate on debt (%) 1 1 1
Occupancy rate (%) 87 87 87
NAV per share 0 0 0
BVPS 68,23 73,94 80,26
EPRA NAV per share 79,7 87,39 95,84
Valuation 2020 2021 2022
Shares outstanding adj. 134 134 134
Share price 68,44 75,65 75,65
Market cap. (m) 9176 10142 10142
P/E 11,3 12,3 11,4
Net IB debt / share 99 107 116
P/CEPS 11,6 10,5 9,7
P/CEPS adj. 11,6 10,5 9,7
EV/EBIT 17,6 20,2 19,7
Implicit yield (%) 5 4,8 4,9
Yield on BV (%) 5 4,9 4,8
Dividend yield (%) 4,3 4,5 4,6
P/NAV 0 0 0
P/EPRA NAV 0,96 0,87 0,79
P/BVPS 1,13 1,02 0,94
EV/NOI 19,3 19,04 18,62