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Diös

SEKm 2018 2019e 2020e
Net operating income 1140 1208 1261
NOI margin (%) 63 63,9 64,1
CEPS Adj 5,98 6,53 6,83
CEPS Adj. growth (%) 3,2 9,2 4,6
DPS 3 3,2 3,4
EPRA NAVPS 67,6 74,05 81,09
EPS 9,97 6,27 6,07
EPS Adj 9,97 6,27 6,07
P/CEPS Adj. (x) 9,4 11 10,5
P/E Adj. (x) 5,7 11,5 11,8
P/EPRANAV (x) 0,83 0,97 0,89
Implicit yield (%) 5,6 5,2 5,3
div.yield (%) 5,3 4,5 4,7
LTV (%) 53,4 52,8 52,1
Rental Income 1810 1890 1967
Rental growth (%) 5,3 4,4 4,1
SEKm 2018 2019e 2020e
Rental income 1810 1890 1967
Other income 0 0 0
Operating costs -670 -682 -706
Net operating income 1140 1208 1261
NOI margin (%) 63 63,9 64,1
Value change realized 0 0 0
Value change unrealized 687 65 0
Administration costs -71 -73 -75
All other income & costs 0 0 0
EBIT 1756 1200 1186
Net financial items -175 -161 -172
Value change derivatives 16 0 0
Pretax profit 1597 1038 1015
Deferred profit tax -166 -100 -101
Current tax -90 -95 -96
Net profit 1341 843 817
Minority interest 0 0 0
Net profit to shareholders 1341 843 817
Other income statement related information 2018 2019 2020
Cash earnings 804 878 918
Tax rate (%) -16 -18,8 -19,5
Net investments 658 1287 1443
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 9,97 6,27 6,07
CEPS 5,98 6,53 6,83
CEPS adj. 5,98 6,53 6,83
Dividend per share Adj 3 3,2 3,4
Payout ratio of CEPS (%) 50,2 49 49,8
Rental growth (%) 5,3 4,4 4,1
NOI growth (%) 5,6 5,9 4,4
CEPS growth (%) 3,2 9,2 4,6
CEPS adj. growth (%) 3,2 9,2 4,6
Balance Sheet 2018 2019 2020
Properties 20802 22154 23597
Deferred tax asset 0 0 0
Receivables 201 210 218
Cash and liquid assets 0 0 0
Other assets 54 99 103
Current liabilities 0 0 0
Total assets 21057 22463 23919
Shareholders equity 7839 8522 9254
Minority 0 0 0
Deferred tax 1353 1448 1545
Interest bearing debt 11865 12493 13120
Short-term debt 0 0 0
Derivatives 0 0 0
Total liabilities and equity 21057 22463 23919
Other balance sheet related information 2018 2019 2020
Net IB debt 11099 11693 12288
Rental area m2 (000) 1464 1464 1464
Rent per m2 1236 1291 1344
Equity ratio (%) 37,2 37,9 38,7
Loan to value (%) 53,4 52,8 52,1
Net loan to value (%) 57 56,4 55,6
ICR real estate 6 7 7
Interest rate on debt (%) 2 1 1
Occupancy rate (%) 91 91 91
NAV per share 0 0 0
BVPS 58,28 63,35 68,8
EPRA NAV per share 67,6 74,05 81,09
Valuation 2018 2019 2020
Shares outstanding adj. 135 135 135
Share price 56 71,9 71,9
Market cap. (m) 7533 9671 9671
P/E 5,7 11,5 11,8
Net IB debt / share 83 87 91
P/CEPS 9,4 11 10,5
P/CEPS adj. 9,4 11 10,5
EV/EBIT 10,6 17,8 18,5
Implicit yield (%) 5,6 5,2 5,3
Yield on BV (%) 5,5 5,5 5,3
Dividend yield (%) 5,3 4,5 4,7
P/NAV N/A N/A N/A
P/EPRA NAV 0,83 0,97 0,89
P/BVPS 0,97 1,13 1,05
EV/NOI 16,38 17,69 17,41