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Diös

Properties in northern Sweden

Diös is the largest private property company in northern Sweden and defines its market 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 the portfolio, the company has a very dominant market position in, for example, cities with underlying growth like Östersund, Umeå, Luleå and Sundsvall. The markets that Diös operates in are characterized by relatively low rental rates and high yields.

Generally, there is an increased demand for highly efficient and flexible office space, with excellent location and good communication opportunities. Office makes up around 50% of Diös' rental value so there are opportunities. Moreover, Diös has identified building rights of approximately 150,000 sqm BTA with a total investment in new construction projects of approximately SEK 4,000m. About 50% of these are residential building rights and approximately 50% are commercial building rights.

The main risk for a real estate company is the macro development in the markets in which it operates. Around 15% of NOI is within retail properties, where an increased online penetration is a threat to the off-line segment. Moreover, Diös has historically acquired property portfolios via rights issues, with dilution as a negative consequence for shareholders. It might be harder to find meaningful acquisitions going forward since Diös dominates the property market in northern Sweden.

SEKm 2018 2019e 2020e
Net operating income 1140 1201 1250
NOI margin (%) 63 63,7 64
CEPS Adj 5,98 6,46 6,73
CEPS Adj. growth (%) 3,2 8 4,2
DPS 3 3,2 3,4
EPRA NAVPS 67,6 74,13 80,95
EPS 9,97 5,74 5,99
EPS Adj 9,97 5,74 5,99
P/CEPS Adj. (x) 9,4 11,6 11,1
P/E Adj. (x) 5,7 13 12,5
P/EPRANAV (x) 0,83 1,01 0,93
Implicit yield (%) 5,6 5,1 5,1
div.yield (%) 5,3 4,3 4,5
LTV (%) 53,4 52,3 51,7
Rental Income 1810 1885 1955
Rental growth (%) 5,3 4,1 3,7
SEKm 2018 2019e 2020e
Rental income 1810 1885 1955
Other income 0 0 0
Operating costs -670 -684 -704
Net operating income 1140 1201 1250
NOI margin (%) 63 63,7 64
Value change realized 0 0 0
Value change unrealized 687 0 0
Administration costs -71 -73 -75
All other income & costs 0 0 0
EBIT 1756 1128 1176
Net financial items -175 -168 -175
Value change derivatives 16 0 0
Pretax profit 1597 960 1000
Deferred profit tax -166 -96 -100
Current tax -90 -91 -95
Net profit 1341 773 805
Minority interest 0 0 0
Net profit to shareholders 1341 773 805
Other income statement related information 2018 2019 2020
Cash earnings 804 869 905
Tax rate (%) -16 -19,5 -19,5
Net investments 658 1216 1440
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 9,97 5,74 5,99
CEPS 5,98 6,46 6,73
CEPS adj. 5,98 6,46 6,73
Dividend per share Adj 3 3,2 3,4
Payout ratio of CEPS (%) 50,2 49,6 50,5
Rental growth (%) 5,3 4,1 3,7
NOI growth (%) 5,6 5,4 4,1
CEPS growth (%) 3,2 8 4,2
CEPS adj. growth (%) 3,2 8 4,2
Balance Sheet 2018 2019 2020
Properties 20802 22018 23458
Deferred tax asset 0 0 0
Receivables 201 209 217
Cash and liquid assets 0 0 0
Other assets 54 56 58
Current liabilities 0 0 0
Total assets 21057 22284 23734
Shareholders equity 7839 8533 9251
Minority 0 0 0
Deferred tax 1353 1444 1539
Interest bearing debt 11865 12307 12944
Short-term debt 0 0 0
Derivatives 0 0 0
Total liabilities and equity 21057 22284 23734
Other balance sheet related information 2018 2019 2020
Net IB debt 11099 11509 12116
Rental area m2 (000) 1464 1464 1464
Rent per m2 1236 1288 1335
Equity ratio (%) 37,2 38,3 39
Loan to value (%) 53,4 52,3 51,7
Net loan to value (%) 57 55,9 55,2
ICR real estate 6 7 7
Interest rate on debt (%) 2 1 1
Occupancy rate (%) 91 91 91
NAV per share 0 0 0
BVPS 58,28 63,43 68,77
EPRA NAV per share 67,6 74,13 80,95
Valuation 2018 2019 2020
Shares outstanding adj. 135 135 135
Share price 56 74,9 74,9
Market cap. (m) 7533 10075 10075
P/E 5,7 13 12,5
Net IB debt / share 83 86 90
P/CEPS 9,4 11,6 11,1
P/CEPS adj. 9,4 11,6 11,1
EV/EBIT 10,6 19,1 18,9
Implicit yield (%) 5,6 5,1 5,1
Yield on BV (%) 5,5 5,5 5,3
Dividend yield (%) 5,3 4,3 4,5
P/NAV N/A N/A N/A
P/EPRA NAV 0,83 1,01 0,93
P/BVPS 0,97 1,18 1,09
EV/NOI 16,38 17,97 17,75

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Main shareholders

Diös

Main shareholders Share capital % Voting shares % Verified
AB Persson Invest 15.4 % 15.4 % 31 Mar 2019
Erik Paulsson & Bolag 10.5 % 10.5 % 31 Mar 2019
Pensionskassan SHB Försäkringsförening 6.0 % 6.0 % 31 Mar 2019
Bengtssons Tidnings AB 5.0 % 5.0 % 31 Mar 2019
Nordstjernan 5.0 % 5.0 % 31 Mar 2019
Handelsbanken Fonder 3.8 % 3.8 % 31 Mar 2019
SEB Fonder 2.6 % 2.6 % 31 Mar 2019
Avanza Pension 2.5 % 2.5 % 31 Mar 2019
Thompson, Siegel & Walmsley LLC 1.5 % 1.5 % 31 Mar 2019
Sten Dybeck, inklusive bolag och familj 1.4 % 1.4 % 31 Mar 2019
Source: Holdings by Modular Finance AB

Insider list

Diös

Name Quantity Code Date
Anders Jörgen Nelson + 1 500 BUY 22 Mar 2019
Ragnhild Maria Backman - 22 140 SELL 5 Mar 2019
Bob Persson + 50 000 BUY 27 Dec 2018
Rolf Larsson + 1 000 BUY 20 Dec 2018
Knut Rost + 2 000 BUY 18 Dec 2018
Bengtssons Tidnings Aktiebolag -6 787 374 SELL 3 Sep 2018
BENygren AB + 1 150 BUY 8 May 2018
Magnus Stark + 1 000 BUY 20 Nov 2017
Magnus Stark + 1 000 BUY 20 Nov 2017
Magnus Stark + 1 000 BUY 20 Nov 2017

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