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Diös

Diös

Properties in northern Sweden

Diös is the largest private property company in northern Sweden in terms of property value, and defines its market as consisting of 10 growing cities from Borlänge in the south to Luleå in the north. The majority of Diös' properties are found in the respective cities' central business districts. Given the size of its portfolio, the company has a dominant market position in e.g. cities with underlying growth like Östersund, Umeå, Luleå and Sundsvall. The markets that Diös operates in are characterised by relatively low rental rates and high yields.

As a market leader in northern Sweden, local know-how and close connections with municipalities and entrepreneurs give Diös an advantage over its peers. High cash yields on Diös properties also stand out relative to peers. Diös’ largest property segment is offices, and we see ongoing value-add potential by converting vacant retail premises into offices. A large building rights portfolio implies potential, both via divesting and through in-house project development.

The main risk for a real estate company is the macro developments in the markets in which it operates. Diös has some exposure to riskier segments such as consumer discretionary, restaurants and hotels. Moreover, Diös has historically acquired property portfolios via rights issues, with dilution as a negative consequence for shareholders. It might become harder to find meaningful acquisitions since Diös dominates the property market in northern Sweden.

SEKm 2021 2022e 2023e
Net operating income 1289 1472 1588
NOI margin (%) 65,5 66,5 66,7
CEPS Adj 7,13 7,99 8,35
CEPS Adj. growth (%) 8,2 12 4,6
DPS 3,52 3,9 4,2
EPRA NAVPS 97,73 111,4 120,26
EPS 17,13 12,53 10,4
EPS Adj 0 0 0
P/CEPS Adj. (x) 16,7 10,8 10,4
P/E Adj. (x) 0 0 0
P/EPRANAV (x) 1,22 0,78 0,72
Implicit yield (%) 4,4 4,9 5,1
div.yield (%) 3 4,5 4,8
LTV (%) 48,3 48,2 47,3
Rental Income 1967 2213 2382
Rental growth (%) 4,7 12,5 7,6
SEKm 2021 2022e 2023e
Rental income 1967 2213 2382
Other income 0 0 0
Operating costs -678 -742 -794
Net operating income 1289 1472 1588
NOI margin (%) 65,5 66,5 66,7
Value change realized 0 0 0
Value change unrealized 1806 948 610
Administration costs -75 -76 -77
All other income & costs 0 0 0
EBIT 3020 2344 2121
Net financial items -184 -200 -268
Value change derivatives 36 88 0
Pretax profit 2872 2232 1853
Deferred profit tax -495 -394 -320
Current tax -53 -66 -62
Net profit 2324 1772 1471
Minority interest -17 0 0
Net profit to shareholders 2307 1772 1471
Other income statement related information 2021 2022 2023
Cash earnings 960 1129 1181
Tax rate (%) -19,1 -20,6 -20,6
Net investments -2155 -3703 -1280
Acquisitions -696 -1697 0
Other investments 0 0 0
Divestments -240 -739 0
EPS 17,13 12,53 10,4
CEPS 7,13 7,99 8,35
CEPS adj. 7,13 7,99 8,35
Dividend per share Adj 3,52 3,9 4,2
Payout ratio of CEPS (%) 49,4 48,8 50,3
Rental growth (%) 4,7 12,5 7,6
NOI growth (%) 5,7 14,2 7,9
CEPS growth (%) 8,2 12 4,6
CEPS adj. growth (%) 8,2 12 4,6
Balance Sheet 2021 2022 2023
Properties 27993 31167 33057
Deferred tax asset 0 0 0
Receivables 223 412 437
Cash and liquid assets 1150 233 216
Other assets 223 412 437
Current liabilities 618 750 796
Total assets 29437 31883 33781
Shareholders equity 11749 13181 14114
Minority 74 0 0
Deferred tax 2194 2575 2894
Interest bearing debt 14802 15378 15976
Short-term debt 0 0 0
Derivatives 618 750 796
Total liabilities and equity 29437 31883 33781
Other balance sheet related information 2021 2022 2023
Net IB debt 13527 15019 15636
Rental area m2 (000) 1511 1618 1641
Rent per m2 1301 1368 1452
Equity ratio (%) 39,9 41,3 41,8
Loan to value (%) 48,3 48,2 47,3
Net loan to value (%) 57 50,1 49
ICR real estate 7 7 6
Interest rate on debt (%) 1 1 2
Occupancy rate (%) 89 91 91
NAV per share 0 0 0
BVPS 83,12 93,2 99,79
EPRA NAV per share 97,73 111,4 120,26
Valuation 2021 2022 2023
Shares outstanding adj. 141 141 141
Share price 90,56 86,6 86,6
Market cap. (m) 12800 12248 12248
P/E 6,9 6,9 8,3
Net IB debt / share 96 107 111
P/CEPS 16,7 10,8 10,4
P/CEPS adj. 16,7 10,8 10,4
EV/EBIT 10,1 11,6 13,1
Implicit yield (%) 4,4 4,9 5,1
Yield on BV (%) 4,6 4,7 4,8
Dividend yield (%) 3 4,5 4,8
P/NAV 0 0 0
P/EPRA NAV 1,22 0,78 0,72
P/BVPS 1,43 0,93 0,87
EV/NOI 23,58 18,53 17,56

Equity research

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Media

Diös - Company presentation with CEO Knut Rost
Diös - Company presentation with CEO Knut Rost

Main shareholders - Diös

Main shareholders Share capital % Voting shares % Verified
AB Persson Invest 15.4 % 15.4 % 30 Apr 2022
Erik Paulsson & Bolag 10.5 % 10.5 % 30 Apr 2022
Nordstjernan 10.1 % 10.1 % 30 Apr 2022
Pensionskassan SHB Försäkringsförening 5.7 % 5.7 % 30 Apr 2022
Vanguard 2.4 % 2.4 % 30 Apr 2022
BlackRock 2.2 % 2.2 % 29 Apr 2022
Avanza Pension 2.1 % 2.1 % 30 Apr 2022
Länsförsäkringar Fonder 1.9 % 1.9 % 30 Apr 2022
Karl Hedin 1.8 % 1.8 % 30 Apr 2022
Sten Dybeck, inklusive bolag och familj 1.5 % 1.5 % 30 Apr 2022
Source: Holdings by Modular Finance AB

Insider list - Diös

Name Quantity Code Date
Kristina Grahn Persson + 100 BUY 4 Jun 2021
Kristina Grahn Persson + 110 BUY 31 May 2021
Ragnhild Backman + 13 000 BUY 19 Feb 2021
Rolf Larsson + 726 BUY 17 Feb 2021
Maria Forsgren + 1 040 BUY 12 Feb 2021
Sofie Stark + 9 500 BUY 18 Dec 2020
Sofie Stark - 8 000 SELL 16 Dec 2020
Ragnhild Backman + 7 000 BUY 22 Sep 2020
Anders Jörgen Nelson + 800 BUY 27 May 2020
Sofie Stark + 3 000 BUY 23 Apr 2020

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