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Diös

Diös

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Financials

SEKm 2020 2021e 2022e
Net operating income 1220 1310 1399
NOI margin (%) 65 66,1 66,8
CEPS Adj 6,59 7,32 7,88
CEPS Adj. growth (%) 1,5 11 7,6
DPS 3,3 3,4 3,5
EPRA NAVPS 79,7 90,58 99,21
EPS 6,82 10,24 6,58
EPS Adj 6,82 10,24 6,58
P/CEPS Adj. (x) 11,6 12,2 11,3
P/E Adj. (x) 11,3 8,7 13,5
P/EPRANAV (x) 0,96 0,98 0,9
Implicit yield (%) 5 4,7 4,8
div.yield (%) 4,3 3,8 3,9
LTV (%) N/A N/A N/A
Rental Income 1878 1981 2093
Rental growth (%) 1,3 5,5 5,6
SEKm 2020 2021e 2022e
Rental income 1878 1981 2093
Other income 0 0 0
Operating costs -658 -671 -694
Net operating income 1220 1310 1399
NOI margin (%) 65 66,1 66,8
Value change realized 0 0 0
Value change unrealized 194 680 0
Administration costs -76 -75 -77
All other income & costs 0 0 0
EBIT 1338 1915 1322
Net financial items -185 -191 -210
Value change derivatives 0 14 0
Pretax profit 1153 1738 1112
Deferred profit tax -164 -302 -174
Current tax -75 -62 -56
Net profit 914 1373 882
Minority interest 0 0 0
Net profit to shareholders 914 1373 882
Other income statement related information 2020 2021 2022
Cash earnings 884 981 1056
Tax rate (%) -20,7 -21 -20,7
Net investments 1433 1057 2025
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 6,82 10,24 6,58
CEPS 6,59 7,32 7,88
CEPS adj. 6,59 7,32 7,88
Dividend per share Adj 3,3 3,4 3,5
Payout ratio of CEPS (%) 50 46,5 44,4
Rental growth (%) 1,3 5,5 5,6
NOI growth (%) 2,8 7,4 6,7
CEPS growth (%) 1,5 11 7,6
CEPS adj. growth (%) 1,5 11 7,6
Balance Sheet 2020 2021 2022
Properties 24512 26249 28274
Deferred tax asset 0 0 0
Receivables 304 321 339
Cash and liquid assets 0 0 0
Other assets 378 399 421
Current liabilities 0 -14 -14
Total assets 24890 26647 28695
Shareholders equity 9148 10263 11099
Minority 0 0 0
Deferred tax 1699 1761 1817
Interest bearing debt 14043 14637 15793
Short-term debt 0 0 0
Derivatives 0 -14 -14
Total liabilities and equity 24890 26647 28695
Other balance sheet related information 2020 2021 2022
Net IB debt 13247 13797 14906
Rental area m2 (000) 1455 1455 1455
Rent per m2 1291 1362 1438
Equity ratio (%) 36,8 38,5 38,7
Loan to value (%) N/A N/A N/A
Net loan to value (%) 57,3 55,8 55,9
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 76,55 82,78
EPRA NAV per share 79,7 90,58 99,21
Valuation 2020 2021 2022
Shares outstanding adj. 134 134 134
Share price 68,44 89,1 89,1
Market cap. (m) 9176 11946 11946
P/E 11,3 8,7 13,5
Net IB debt / share 99 103 111
P/CEPS 11,6 12,2 11,3
P/CEPS adj. 11,6 12,2 11,3
EV/EBIT 17,6 13,4 20,3
Implicit yield (%) 5 4,7 4,8
Yield on BV (%) 5 5 4,9
Dividend yield (%) 4,3 3,8 3,9
P/NAV 0 0 0
P/EPRA NAV 0,96 0,98 0,9
P/BVPS 1,13 1,16 1,08
EV/NOI 19,3 19,65 19,2