The Company Overview is intended to serve as a powerful analytical tool for players on the property and capital markets.
One ambition is to establish a standard for comparisons among property companies. Particular emphasis has therefore been laid on calculating key figures in a consistent manner. Another starting point has been the consistent use of market values, rather than book or disclosed values.
The key figures presented are specially adapted for the property sector. These figures have been divided into four main categories:
- Stockmarket-related key figures: these convey information on share prices, market capitalisation and the dividend yield, price trends and liquidity of shares.
- Financial key figures: these primarily involve measuring property companies’ exposure to risk, e.g. their vulnerability to interest-rate changes or fluctuations in property values. The key figures provide information on such matters as cash flow, financial position and loan structure.
- Valuation: here, the purpose is to compare the stockmarket valuation of companies’ properties with their value as assessed by players in the property market.
- Property stocks: the figures are intended to provide a picture of the companies’ property holdings. Stocks are divided into categories according to use and geographical position.
Comparability
One of the main objectives of the Company Overview is to permit comparisons among property companies. This presupposes that key figures are calculated in a consistent manner. The model makes use of a standard method of calculating the property index for all companies.
Market values
One premise for the Company Overview is that market values should be used instead of book or disclosed values. Valuation of companies’ properties takes place on a twofold basis: stockmarket valuations and the standard model. Certain adjustments have been made in the assumptions on which the standard valuation model is based.
Sources
Information in the Company Overview is based on the latest information published by the companies concerned, such as the annual report, unaudited annual accounts or interim report. Where applicable, prospectuses or other published sources have been used.
