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Diös

SEKm 2018 2019e 2020e
Net operating income 1140 1201 1250
NOI margin (%) 63 63,7 64
CEPS Adj 5,98 6,46 6,73
CEPS Adj. growth (%) 3,2 8 4,2
DPS 3 3,2 3,4
EPRA NAVPS 67,6 74,13 80,95
EPS 9,97 5,74 5,99
EPS Adj 9,97 5,74 5,99
P/CEPS Adj. (x) 9,4 11,6 11,2
P/E Adj. (x) 5,7 13,1 12,5
P/EPRANAV (x) 0,83 1,01 0,93
Implicit yield (%) 5,6 5,1 5,1
div.yield (%) 5,3 4,3 4,5
LTV (%) 53,4 52,3 51,7
Rental Income 1810 1885 1955
Rental growth (%) 5,3 4,1 3,7
SEKm 2018 2019e 2020e
Rental income 1810 1885 1955
Other income 0 0 0
Operating costs -670 -684 -704
Net operating income 1140 1201 1250
NOI margin (%) 63 63,7 64
Value change realized 0 0 0
Value change unrealized 687 0 0
Administration costs -71 -73 -75
All other income & costs 0 0 0
EBIT 1756 1128 1176
Net financial items -175 -168 -175
Value change derivatives 16 0 0
Pretax profit 1597 960 1000
Deferred profit tax -166 -96 -100
Current tax -90 -91 -95
Net profit 1341 773 805
Minority interest 0 0 0
Net profit to shareholders 1341 773 805
Other income statement related information 2018 2019 2020
Cash earnings 804 869 905
Tax rate (%) -16 -19,5 -19,5
Net investments 658 1216 1440
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 9,97 5,74 5,99
CEPS 5,98 6,46 6,73
CEPS adj. 5,98 6,46 6,73
Dividend per share Adj 3 3,2 3,4
Payout ratio of CEPS (%) 50,2 49,6 50,5
Rental growth (%) 5,3 4,1 3,7
NOI growth (%) 5,6 5,4 4,1
CEPS growth (%) 3,2 8 4,2
CEPS adj. growth (%) 3,2 8 4,2
Balance Sheet 2018 2019 2020
Properties 20802 22018 23458
Deferred tax asset 0 0 0
Receivables 201 209 217
Cash and liquid assets 0 0 0
Other assets 54 56 58
Current liabilities 0 0 0
Total assets 21057 22284 23734
Shareholders equity 7839 8533 9251
Minority 0 0 0
Deferred tax 1353 1444 1539
Interest bearing debt 11865 12307 12944
Short-term debt 0 0 0
Derivatives 0 0 0
Total liabilities and equity 21057 22284 23734
Other balance sheet related information 2018 2019 2020
Net IB debt 11099 11509 12116
Rental area m2 (000) 1464 1464 1464
Rent per m2 1236 1288 1335
Equity ratio (%) 37,2 38,3 39
Loan to value (%) 53,4 52,3 51,7
Net loan to value (%) 57 55,9 55,2
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 63,43 68,77
EPRA NAV per share 67,6 74,13 80,95
Valuation 2018 2019 2020
Shares outstanding adj. 135 135 135
Share price 56 75,05 75,05
Market cap. (m) 7533 10095 10095
P/E 5,7 13,1 12,5
Net IB debt / share 83 86 90
P/CEPS 9,4 11,6 11,2
P/CEPS adj. 9,4 11,6 11,2
EV/EBIT 10,6 19,1 18,9
Implicit yield (%) 5,6 5,1 5,1
Yield on BV (%) 5,5 5,5 5,3
Dividend yield (%) 5,3 4,3 4,5
P/NAV N/A N/A N/A
P/EPRA NAV 0,83 1,01 0,93
P/BVPS 0,97 1,18 1,09
EV/NOI 16,38 17,98 17,76