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Diös

Diös

Properties in northern Sweden

Diös is the largest private property company in northern Sweden and defines its market in terms of ten 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 very dominant market position in, for example, 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.

Generally, there is increased demand for highly efficient and flexible office space, with excellent locations and good transport links. Offices make up around 50% of Diös' rental value so there are opportunities. Moreover, Diös has identified building rights of approximately 100,000 sqm BTA with a total investment in new construction projects of approximately SEK 5,000m. 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 developments in the markets in which it operates. Around 21% of Dios’ rental value is within retail properties, so increased online penetration is a threat to the offline segment. 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 2020 2021e 2022e
Net operating income 1224 1302 1401
NOI margin (%) 65,1 65,9 66,7
CEPS Adj 6,61 7,36 8,06
CEPS Adj. growth (%) 1,8 11,4 9,4
DPS 3,5 3,7 3,9
EPRA NAVPS 77,34 84,87 93,12
EPS 5,02 6,28 6,87
EPS Adj 5,02 6,28 6,87
P/CEPS Adj. (x) 11 9,9 9,1
P/E Adj. (x) 14,6 11,6 10,6
P/EPRANAV (x) 0,94 0,86 0,78
Implicit yield (%) 5,1 5,1 5,4
div.yield (%) 4,8 5,1 5,3
LTV (%) 52,8 52,3 51,5
Rental Income 1881 1976 2101
Rental growth (%) 1,5 5 6,3
N/A N/A N/A
SEKm 2020 2021e 2022e
Rental income 1881 1976 2101
Other income 0 0 0
Operating costs -657 -673 -700
Net operating income 1224 1302 1401
NOI margin (%) 65,1 65,9 66,7
Value change realized 0 0 0
Value change unrealized -133 0 0
Administration costs -75 -76 -78
All other income & costs 0 0 0
EBIT 1017 1226 1323
Net financial items -189 -187 -186
Value change derivatives 2 0 0
Pretax profit 830 1039 1137
Deferred profit tax -83 -146 -159
Current tax -75 -52 -57
Net profit 673 842 921
Minority interest 0 0 0
Net profit to shareholders 673 842 921
Other income statement related information 2020 2021 2022
Cash earnings 886 987 1080
Tax rate (%) -19 -19 -19
Net investments 1135 1478 1507
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 5,02 6,28 6,87
CEPS 6,61 7,36 8,06
CEPS adj. 6,61 7,36 8,06
Dividend per share Adj 3,5 3,7 3,9
Payout ratio of CEPS (%) 52,9 50,2 48,4
Rental growth (%) 1,5 5 6,3
NOI growth (%) 3,2 6,3 7,6
CEPS growth (%) 1,8 11,4 9,4
CEPS adj. growth (%) 1,8 11,4 9,4
Balance Sheet 2020 2021 2022
Properties 23887 25365 26872
Deferred tax asset 0 0 0
Receivables 224 235 250
Cash and liquid assets 0 0 0
Other assets 82 86 92
Current liabilities -2 -2 -2
Total assets 24193 25687 27214
Shareholders equity 8936 9682 10502
Minority 0 0 0
Deferred tax 1599 1651 1707
Interest bearing debt 13661 14357 15007
Short-term debt 0 0 0
Derivatives -2 -2 -2
Total liabilities and equity 24193 25687 27214
Other balance sheet related information 2020 2021 2022
Net IB debt 12611 13255 13835
Rental area m2 (000) 1483 1483 1483
Rent per m2 1269 1332 1417
Equity ratio (%) 36,9 37,7 38,6
Loan to value (%) 52,8 52,3 51,5
Net loan to value (%) 57,2 56,6 55,8
ICR real estate 6 7 7
Interest rate on debt (%) 2 1 1
Occupancy rate (%) 87 87 87
NAV per share 0 0 0
BVPS 66,65 72,21 78,33
EPRA NAV per share 77,34 84,87 93,12
Valuation 2020 2021 2022
Shares outstanding adj. 134 134 134
Share price 68,44 73 73
Market cap. (m) 9176 9787 9787
P/E 14,6 11,6 10,6
Net IB debt / share 94 99 103
P/CEPS 11 9,9 9,1
P/CEPS adj. 11 9,9 9,1
EV/EBIT 22 18,8 17,9
Implicit yield (%) 5,1 5,1 5,4
Yield on BV (%) 5,1 5,1 5,2
Dividend yield (%) 4,8 5,1 5,3
P/NAV 0 0 0
P/EPRA NAV 0,94 0,86 0,78
P/BVPS 1,1 1,01 0,93
EV/NOI 18,29 17,7 16,86
N/A N/A N/A

Equity research

Read earlier research

Media

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

Main shareholders - Diös

Main shareholders Share capital % Voting shares % Verified
AB Persson Invest 15.4 % 15.4 % 31 Dec 2020
Erik Paulsson & Bolag 10.5 % 10.5 % 31 Dec 2020
Nordstjernan 10.1 % 10.1 % 31 Dec 2020
Pensionskassan SHB Försäkringsförening 6.0 % 6.0 % 31 Dec 2020
Avanza Pension 2.3 % 2.3 % 31 Dec 2020
Swedbank Robur Fonder 1.8 % 1.8 % 31 Dec 2020
Karl Hedin 1.8 % 1.8 % 31 Dec 2020
BlackRock 1.8 % 1.8 % 31 Dec 2020
Norges Bank 1.7 % 1.7 % 31 Dec 2020
Sten Dybeck, inklusive bolag och familj 1.6 % 1.6 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - Diös

Name Quantity Code Date
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
Rolf Larsson + 1 000 BUY 17 Mar 2020
Lars Dahl + 1 600 BUY 16 Mar 2020
Bob Persson + 50 000 BUY 13 Mar 2020
Knut Rost + 750 BUY 13 Mar 2020
Ragnhild Backman + 6 000 BUY 12 Mar 2020

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