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Diös

Diös

SEKm 2021 2022e 2023e
Net operating income 1289 1474 1625
NOI margin (%) 65,5 66,5 66,7
CEPS Adj 7,13 7,84 8,18
CEPS Adj. growth (%) 8,2 10 4,4
DPS 3,52 3,9 4,2
EPRA NAVPS 97,73 107,47 100,46
EPS 17,13 8,94 -2,21
EPS Adj 0 0 0
P/CEPS Adj. (x) 16,7 10,2 9,8
P/E Adj. (x) 0 0 0
P/EPRANAV (x) 1,22 0,75 0,8
Implicit yield (%) 4,4 4,8 5,2
div.yield (%) 3 4,9 5,2
LTV (%) 48,3 51 53,4
Rental Income 1967 2218 2438
Rental growth (%) 4,7 12,8 9,9
SEKm 2021 2022e 2023e
Rental income 1967 2218 2438
Other income 0 0 0
Operating costs -678 -744 -813
Net operating income 1289 1474 1625
NOI margin (%) 65,5 66,5 66,7
Value change realized 0 0 0
Value change unrealized 1806 290 -1611
Administration costs -75 -76 -76
All other income & costs 0 0 0
EBIT 3020 1688 -63
Net financial items -184 -213 -330
Value change derivatives 36 115 0
Pretax profit 2872 1590 -393
Deferred profit tax -495 -250 142
Current tax -53 -76 -61
Net profit 2324 1264 -312
Minority interest -17 0 0
Net profit to shareholders 2307 1264 -312
Other income statement related information 2021 2022 2023
Cash earnings 960 1109 1157
Tax rate (%) -19,1 -20,5 -20,6
Net investments -2155 -3201 -1215
Acquisitions -696 -1871 0
Other investments 0 0 0
Divestments -240 -2 0
EPS 17,13 8,94 -2,21
CEPS 7,13 7,84 8,18
CEPS adj. 7,13 7,84 8,18
Dividend per share Adj 3,52 3,9 4,2
Payout ratio of CEPS (%) 49,4 49,7 51,3
Rental growth (%) 4,7 12,8 9,9
NOI growth (%) 5,7 14,4 10,2
CEPS growth (%) 8,2 10 4,4
CEPS adj. growth (%) 8,2 10 4,4
Balance Sheet 2021 2022 2023
Properties 27993 31480 31084
Deferred tax asset 0 0 0
Receivables 223 410 439
Cash and liquid assets 1150 230 98
Other assets 223 410 439
Current liabilities 618 1092 1169
Total assets 29437 32191 31691
Shareholders equity 11749 12281 11431
Minority 74 0 0
Deferred tax 2194 2421 2279
Interest bearing debt 14802 16397 16813
Short-term debt 0 0 0
Derivatives 618 1092 1169
Total liabilities and equity 29437 32191 31691
Other balance sheet related information 2021 2022 2023
Net IB debt 13527 16043 16591
Rental area m2 (000) 1511 1660 1688
Rent per m2 1301 1336 1444
Equity ratio (%) 39,9 38,2 36,1
Loan to value (%) 48,3 51 53,4
Net loan to value (%) 57 52,8 54,4
ICR real estate 7 7 5
Interest rate on debt (%) 1 1 2
Occupancy rate (%) 89 92,6 93,2
NAV per share 0 0 0
BVPS 83,12 86,84 80,82
EPRA NAV per share 97,73 107,47 100,46
Valuation 2021 2022 2023
Shares outstanding adj. 141 141 141
Share price 90,56 80,35 80,35
Market cap. (m) 12800 11364 11364
P/E 6,9 9 -36,4
Net IB debt / share 96 114 118
P/CEPS 16,7 10,2 9,8
P/CEPS adj. 16,7 10,2 9,8
EV/EBIT 10,1 16,2 -443,8
Implicit yield (%) 4,4 4,8 5,2
Yield on BV (%) 4,6 4,7 5,2
Dividend yield (%) 3 4,9 5,2
P/NAV 0 0 0
P/EPRA NAV 1,22 0,75 0,8
P/BVPS 1,43 0,93 0,99
EV/NOI 23,58 18,59 17,2