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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 2514,2 2674,9
Rental growth 12,3 13,81 6,39
NOI 1469 1686 1799
NOI margin (%) 66,5 67,1 67,3
CEPS 7,52 6,33 6,58
CEPS growth (%) 5,54 -15,85 3,88
DPS 2 2 2,1
EPRA NRV per share 101,41 96,54 104,74
EPS 5,87 -2,84 8,37
EPS adj. 0 0 0
P/CEPS 9,7 11,5 11,1
P/E (x) 12,5 -25,7 8,7
P/EPRA NRV 0,72 0,76 0,7
Implicit yield (%) 5 5,6 5,9
Dividend yield (%) 2,7 2,7 2,9
LTV (%) 0 0 0
Net LTV (%) 51,69 54,61 53,09
SEKm 2022 2023e 2024e
Rental income 2209 2514,2 2674,9
Other income 0 0 0
Operating costs -740 -828 -876
NOI 1469 1686 1799
NOI margin (%) 66,5 67,1 67,3
Adm. costs -91 -83 -84
All other income & costs 0 0 0
Recurring EBIT 1378 1603 1715
Net financial items -298 -664 -736
Income from property management 1080 939 979
Value chg. realized 0 0 0
Value chg. unrealized -140 -1370 512
Value chg. derivatives 104 -79 0
Pretax profit 1044 -510 1491
Deferred tax -198 152 -258
Current tax -16 -44 -49
Net profit 830 -402 1184
Minority interest 0 0 0
Div. Pref/D-shares and hybrids 0 0 0
Net profit to shareholders 830 -402 1184
Cash earnings 1064 895 930
Other related information N/A N/A N/A
Tax Rate (%) 20,5 21,2 20,6
Investments in developments -1307 -1280 -1000
Acquisitions -2004 0 0
Other investments N/A N/A N/A
Divestments 29 0 0
EPS 5,87 -2,84 8,37
CEPS 7,52 6,33 6,58
Dividend per share 2 2 2,1
Payout ratio of CEPS 26,58 31,59 31,93
Rental growth 12,3 13,81 6,39
NOI growth 13,96 14,78 6,69
CEPS growth 5,54 -15,85 3,88

Equity research

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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 % 26 Apr 2023
Backahill AB 10.5 % 10.5 % 26 Apr 2023
Länsförsäkringar Fonder 6.5 % 6.5 % 30 Apr 2023
Pensionskassan SHB Försäkringsförening 5.7 % 5.7 % 26 Apr 2023
Karl Hedin 2.5 % 2.5 % 26 Apr 2023
Vanguard 2.4 % 2.4 % 30 Apr 2023
BlackRock 2.2 % 2.2 % 30 Apr 2023
Avanza Pension 2.2 % 2.2 % 26 Apr 2023
Sten Dybeck, inklusive bolag och familj 1.5 % 1.5 % 26 Apr 2023
Norges Bank 1.4 % 1.4 % 29 Mar 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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