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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.

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 2022 2023e 2024e
Rental income 2209 2522 2679
Rental growth 12,3 14,15 6,23
NOI 1469 1682 1792
NOI margin (%) 66,5 66,7 66,9
CEPS 7,52 6,53 6,84
CEPS growth (%) 5,54 -13,14 4,66
DPS 2 2 2,1
EPRA NRV per share 101,41 96,9 105,4
EPS 5,87 -1,42 8,62
EPS adj. 0 0 0
P/CEPS 10,6 12,2 11,7
P/E (x) 13,6 -56,4 9,3
P/EPRA NRV 0,79 0,82 0,76
Implicit yield (%) 4,8 5,4 5,6
Dividend yield (%) 2,5 2,5 2,6
LTV (%) 0 0 0
SEKm 2022 2023e 2024e
Rental income 2209 2522 2679
Other income 0 0 0
Operating costs -740 -839 -887
NOI 1469 1682 1792
NOI margin (%) 66,5 66,7 66,9
Adm. costs -91 -81 -82
All other income & costs 0 0 0
Recurring EBIT 1378 1601 1710
Net financial items -298 -628 -692
Income from property management 1080 973 1018
Value chg. realized 0 0 0
Value chg. unrealized -140 -1225 518
Value chg. derivatives 104 0 0
Pretax profit 1044 -252 1536
Deferred tax -198 101 -265
Current tax -16 -49 -51
Net profit 830 -200 1219
Minority interest 0 0 0
Div. Pref/D-shares and hybrids 0 0 0
Net profit to shareholders 830 -200 1219
Cash earnings 1064 924 967
Other related information N/A N/A N/A
Tax Rate (%) 20,5 20,6 20,6
Investments in developments -1307 -1462 -1100
Acquisitions -2004 0 0
Other investments N/A N/A N/A
Divestments 29 0 0
EPS 5,87 -1,42 8,62
CEPS 7,52 6,53 6,84
Dividend per share 2 2 2,1
Payout ratio of CEPS 26,58 30,61 30,7
Rental growth 12,3 14,15 6,23
NOI growth 13,96 14,51 6,53
CEPS growth 5,54 -13,14 4,66

Equity research

Read earlier research

Media

Diös - Company presentation with CEO Knut Rost (in Swedish)
Diös - Company presentation with CEO Knut Rost

Main shareholders - Diös

Main shareholders Share capital % Voting shares % Verified
AB Persson Invest 15.6 % 15.6 % 24 Feb 2023
Backahill AB 10.5 % 10.5 % 24 Feb 2023
Länsförsäkringar Fonder 6.2 % 6.2 % 28 Feb 2023
Nordstjernan 6.2 % 6.2 % 24 Feb 2023
Pensionskassan SHB Försäkringsförening 5.7 % 5.7 % 24 Feb 2023
Karl Hedin 2.5 % 2.5 % 24 Feb 2023
Vanguard 2.4 % 2.4 % 28 Feb 2023
BlackRock 2.2 % 2.2 % 28 Feb 2023
Avanza Pension 2.1 % 2.1 % 24 Feb 2023
Sten Dybeck, inklusive bolag och familj 1.5 % 1.5 % 24 Feb 2023
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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