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Diös

Diös

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Financials

SEKm 2019 2020e 2021e
Net operating income 1205 1276 1367
NOI margin (%) 64,5 65 65,7
CEPS Adj 6,57 7,03 7,65
CEPS Adj. growth (%) 9,9 7 8,9
DPS 3,2 3,4 3,6
EPRA NAVPS 74,12 81,36 89,25
EPS 7,37 6,25 6,81
EPS Adj 7,37 6,25 6,81
P/CEPS Adj. (x) 13 12,2 11,2
P/E Adj. (x) 11,6 13,7 12,6
P/EPRANAV (x) 1,16 1,05 0,96
Implicit yield (%) 5 4,9 5,2
div.yield (%) 3,7 4 4,2
LTV (%) 52,6 51,8 50,8
Rental Income 1868 1964 2079
Rental growth (%) 3,2 5,1 5,9
SEKm 2019 2020e 2021e
Rental income 1868 1964 2079
Other income 0 0 0
Operating costs -663 -688 -713
Net operating income 1205 1276 1367
NOI margin (%) 64,5 65 65,7
Value change realized 0 0 0
Value change unrealized 261 0 0
Administration costs -71 -73 -75
All other income & costs 0 0 0
EBIT 1395 1203 1291
Net financial items -162 -159 -154
Value change derivatives 0 0 0
Pretax profit 1232 1044 1137
Deferred profit tax -153 -104 -114
Current tax -88 -99 -108
Net profit 992 841 916
Minority interest 0 0 0
Net profit to shareholders 992 841 916
Other income statement related information 2019 2020 2021
Cash earnings 884 945 1029
Tax rate (%) -19,5 -19,5 -19,5
Net investments 1250 1446 1475
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 7,37 6,25 6,81
CEPS 6,57 7,03 7,65
CEPS adj. 6,57 7,03 7,65
Dividend per share Adj 3,2 3,4 3,6
Payout ratio of CEPS (%) 48,7 48,4 47
Rental growth (%) 3,2 5,1 5,9
NOI growth (%) 5,7 5,9 7,1
CEPS growth (%) 9,9 7 8,9
CEPS adj. growth (%) 9,9 7 8,9
Balance Sheet 2019 2020 2021
Properties 22313 23759 25234
Deferred tax asset 0 0 0
Receivables 207 218 231
Cash and liquid assets 0 0 0
Other assets 99 104 110
Current liabilities 0 0 0
Total assets 22619 24081 25575
Shareholders equity 8642 9400 10229
Minority 0 0 0
Deferred tax 1441 1540 1648
Interest bearing debt 12537 13141 13698
Short-term debt 0 0 0
Derivatives 0 0 0
Total liabilities and equity 22619 24081 25575
Other balance sheet related information 2019 2020 2021
Net IB debt 11746 12310 12818
Rental area m2 (000) 1464 1464 1464
Rent per m2 1276 1341 1420
Equity ratio (%) 38,2 39 40
Loan to value (%) 52,6 51,8 50,8
Net loan to value (%) 56,2 55,3 54,3
ICR real estate 7 8 8
Interest rate on debt (%) 1 1 1
Occupancy rate (%) 91 91 91
NAV per share 0 0 0
BVPS 64,24 69,88 76,04
EPRA NAV per share 74,12 81,36 89,25
Valuation 2019 2020 2021
Shares outstanding adj. 135 135 135
Share price 76,38 85,7 85,7
Market cap. (m) 10274 11528 11528
P/E 11,6 13,7 12,6
Net IB debt / share 87 92 95
P/CEPS 13 12,2 11,2
P/CEPS adj. 13 12,2 11,2
EV/EBIT 16,7 19,8 18,9
Implicit yield (%) 5 4,9 5,2
Yield on BV (%) 5,4 5,4 5,4
Dividend yield (%) 3,7 4 4,2
P/NAV N/A N/A N/A
P/EPRA NAV 1,16 1,05 0,96
P/BVPS 1,33 1,23 1,13
EV/NOI 19,32 18,68 17,81