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Diös

Diös

SEKm 2019 2020e 2021e
Net operating income 1187 1224 1302
NOI margin (%) 64 65,1 65,9
CEPS Adj 6,5 6,61 7,36
CEPS Adj. growth (%) 8,7 1,8 11,4
DPS 1,65 3,5 3,7
EPRA NAVPS 73,4 77,34 84,87
EPS 7,8 5,02 6,28
EPS Adj 7,8 5,02 6,28
P/CEPS Adj. (x) 13,2 11,4 10,2
P/E Adj. (x) 11 15 12
P/EPRANAV (x) 1,17 0,97 0,89
Implicit yield (%) 4,8 4,9 5,1
div.yield (%) 1,9 4,6 4,9
LTV (%) 53,1 52,8 52,3
Rental Income 1854 1881 1976
Rental growth (%) 2,4 1,5 5
N/A N/A N/A
SEKm 2019 2020e 2021e
Rental income 1854 1881 1976
Other income 0 0 0
Operating costs -667 -657 -673
Net operating income 1187 1224 1302
NOI margin (%) 64 65,1 65,9
Value change realized 0 0 0
Value change unrealized 350 -133 0
Administration costs -73 -75 -76
All other income & costs 0 0 0
EBIT 1464 1017 1226
Net financial items -162 -189 -187
Value change derivatives -1 2 0
Pretax profit 1302 830 1039
Deferred profit tax -174 -83 -146
Current tax -79 -75 -52
Net profit 1049 673 842
Minority interest 0 0 0
Net profit to shareholders 1049 673 842
Other income statement related information 2019 2020 2021
Cash earnings 874 886 987
Tax rate (%) -19,4 -19 -19
Net investments 1733 1135 1478
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 7,8 5,02 6,28
CEPS 6,5 6,61 7,36
CEPS adj. 6,5 6,61 7,36
Dividend per share Adj 1,65 3,5 3,7
Payout ratio of CEPS (%) 25,4 52,9 50,2
Rental growth (%) 2,4 1,5 5
NOI growth (%) 4,1 3,2 6,3
CEPS growth (%) 8,7 1,8 11,4
CEPS adj. growth (%) 8,7 1,8 11,4
Balance Sheet 2019 2020 2021
Properties 22885 23887 25365
Deferred tax asset 0 0 0
Receivables 221 224 235
Cash and liquid assets 0 0 0
Other assets 81 82 86
Current liabilities 0 -2 -2
Total assets 23187 24193 25687
Shareholders equity 8484 8936 9682
Minority 0 0 0
Deferred tax 1524 1599 1651
Interest bearing debt 13179 13661 14357
Short-term debt 0 0 0
Derivatives 0 -2 -2
Total liabilities and equity 23187 24193 25687
Other balance sheet related information 2019 2020 2021
Net IB debt 12145 12611 13255
Rental area m2 (000) 1483 1483 1483
Rent per m2 1250 1269 1332
Equity ratio (%) 36,6 36,9 37,7
Loan to value (%) 53,1 52,8 52,3
Net loan to value (%) 57,6 57,2 56,6
ICR real estate 7 6 7
Interest rate on debt (%) 1 2 1
Occupancy rate (%) 91 87 87
NAV per share 0 0 0
BVPS 63,07 66,65 72,21
EPRA NAV per share 73,4 77,34 84,87
Valuation 2019 2020 2021
Shares outstanding adj. 135 134 134
Share price 76,38 75,3 75,3
Market cap. (m) 10274 10096 10096
P/E 11 15 12
Net IB debt / share 90 94 99
P/CEPS 13,2 11,4 10,2
P/CEPS adj. 13,2 11,4 10,2
EV/EBIT 16,2 22,3 19
Implicit yield (%) 4,8 4,9 5,1
Yield on BV (%) 5,2 5,1 5,1
Dividend yield (%) 1,9 4,6 4,9
P/NAV 0 0 0
P/EPRA NAV 1,17 0,97 0,89
P/BVPS 1,36 1,13 1,04
EV/NOI 19,95 18,54 17,93
N/A N/A N/A