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Diös

Diös

SEKm 2019 2020e 2021e
Net operating income 1187 1209 1286
NOI margin (%) 64 64,5 65,3
CEPS Adj 6,5 6,63 7,3
CEPS Adj. growth (%) 8,7 2 10,2
DPS 1,65 3,5 3,7
EPRA NAVPS 73,4 74,64 82,06
EPS 7,8 5,37 6,23
EPS Adj 7,8 5,37 6,23
P/CEPS Adj. (x) 13,2 8,9 8,1
P/E Adj. (x) 11 11 9,4
P/EPRANAV (x) 1,17 0,79 0,72
Implicit yield (%) 4,8 5,3 5,5
div.yield (%) 1,9 6 6,3
LTV (%) 53,1 53,1 52,6
Rental Income 1854 1874 1968
Rental growth (%) 2,4 1,1 5
SEKm 2019 2020e 2021e
Rental income 1854 1874 1968
Other income 0 0 0
Operating costs -667 -665 -683
Net operating income 1187 1209 1286
NOI margin (%) 64 64,5 65,3
Value change realized 0 0 0
Value change unrealized 350 -143 0
Administration costs -73 -74 -75
All other income & costs 0 0 0
EBIT 1464 992 1210
Net financial items -162 -185 -180
Value change derivatives -1 0 0
Pretax profit 1302 807 1030
Deferred profit tax -174 -26 -144
Current tax -79 -62 -52
Net profit 1049 720 835
Minority interest 0 0 0
Net profit to shareholders 1049 720 835
Other income statement related information 2019 2020 2021
Cash earnings 874 888 979
Tax rate (%) -19,4 -10,8 -19
Net investments 1733 802 1471
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 7,8 5,37 6,23
CEPS 6,5 6,63 7,3
CEPS adj. 6,5 6,63 7,3
Dividend per share Adj 1,65 3,5 3,7
Payout ratio of CEPS (%) 25,4 52,8 50,7
Rental growth (%) 2,4 1,1 5
NOI growth (%) 4,1 1,8 6,4
CEPS growth (%) 8,7 2 10,2
CEPS adj. growth (%) 8,7 2 10,2
Balance Sheet 2019 2020 2021
Properties 22885 23544 25015
Deferred tax asset 0 0 0
Receivables 221 223 235
Cash and liquid assets 0 0 0
Other assets 81 82 86
Current liabilities 0 0 0
Total assets 23187 23849 25335
Shareholders equity 8484 8716 9449
Minority 0 0 0
Deferred tax 1524 1586 1637
Interest bearing debt 13179 13548 14250
Short-term debt 0 0 0
Derivatives 0 0 0
Total liabilities and equity 23187 23849 25335
Other balance sheet related information 2019 2020 2021
Net IB debt 12145 12503 13152
Rental area m2 (000) 1483 1483 1483
Rent per m2 1250 1264 1327
Equity ratio (%) 36,6 36,5 37,3
Loan to value (%) 53,1 53,1 52,6
Net loan to value (%) 57,6 57,5 57
ICR real estate 7 6 7
Interest rate on debt (%) 1 1 1
Occupancy rate (%) 91 91 91
NAV per share 0 0 0
BVPS 63,07 65,01 70,47
EPRA NAV per share 73,4 74,64 82,06
Valuation 2019 2020 2021
Shares outstanding adj. 135 134 134
Share price 76,38 58,8 58,8
Market cap. (m) 10274 7883 7883
P/E 11 11 9,4
Net IB debt / share 90 93 98
P/CEPS 13,2 8,9 8,1
P/CEPS adj. 13,2 8,9 8,1
EV/EBIT 16,2 20,6 17,4
Implicit yield (%) 4,8 5,3 5,5
Yield on BV (%) 5,2 5,1 5,1
Dividend yield (%) 1,9 6 6,3
P/NAV N/A N/A N/A
P/EPRA NAV 1,17 0,79 0,72
P/BVPS 1,36 0,9 0,83
EV/NOI 19,95 16,87 16,36