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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 2019 2020e 2021e
Net operating income 1205 1276 1367
NOI margin (%) 64,5 65 65,7
CEPS Adj 6,57 7,03 7,65
CEPS Adj. growth (%) 9,9 7 8,9
DPS 3,2 3,4 3,6
EPRA NAVPS 74,12 81,36 89,25
EPS 7,37 6,25 6,81
EPS Adj 7,37 6,25 6,81
P/CEPS Adj. (x) 13 12,2 11,2
P/E Adj. (x) 11,6 13,7 12,6
P/EPRANAV (x) 1,16 1,05 0,96
Implicit yield (%) 5 4,9 5,2
div.yield (%) 3,7 4 4,2
LTV (%) 52,6 51,8 50,8
Rental Income 1868 1964 2079
Rental growth (%) 3,2 5,1 5,9
SEKm 2019 2020e 2021e
Rental income 1868 1964 2079
Other income 0 0 0
Operating costs -663 -688 -713
Net operating income 1205 1276 1367
NOI margin (%) 64,5 65 65,7
Value change realized 0 0 0
Value change unrealized 261 0 0
Administration costs -71 -73 -75
All other income & costs 0 0 0
EBIT 1395 1203 1291
Net financial items -162 -159 -154
Value change derivatives 0 0 0
Pretax profit 1232 1044 1137
Deferred profit tax -153 -104 -114
Current tax -88 -99 -108
Net profit 992 841 916
Minority interest 0 0 0
Net profit to shareholders 992 841 916
Other income statement related information 2019 2020 2021
Cash earnings 884 945 1029
Tax rate (%) -19,5 -19,5 -19,5
Net investments 1250 1446 1475
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 7,37 6,25 6,81
CEPS 6,57 7,03 7,65
CEPS adj. 6,57 7,03 7,65
Dividend per share Adj 3,2 3,4 3,6
Payout ratio of CEPS (%) 48,7 48,4 47
Rental growth (%) 3,2 5,1 5,9
NOI growth (%) 5,7 5,9 7,1
CEPS growth (%) 9,9 7 8,9
CEPS adj. growth (%) 9,9 7 8,9
Balance Sheet 2019 2020 2021
Properties 22313 23759 25234
Deferred tax asset 0 0 0
Receivables 207 218 231
Cash and liquid assets 0 0 0
Other assets 99 104 110
Current liabilities 0 0 0
Total assets 22619 24081 25575
Shareholders equity 8642 9400 10229
Minority 0 0 0
Deferred tax 1441 1540 1648
Interest bearing debt 12537 13141 13698
Short-term debt 0 0 0
Derivatives 0 0 0
Total liabilities and equity 22619 24081 25575
Other balance sheet related information 2019 2020 2021
Net IB debt 11746 12310 12818
Rental area m2 (000) 1464 1464 1464
Rent per m2 1276 1341 1420
Equity ratio (%) 38,2 39 40
Loan to value (%) 52,6 51,8 50,8
Net loan to value (%) 56,2 55,3 54,3
ICR real estate 7 8 8
Interest rate on debt (%) 1 1 1
Occupancy rate (%) 91 91 91
NAV per share 0 0 0
BVPS 64,24 69,88 76,04
EPRA NAV per share 74,12 81,36 89,25
Valuation 2019 2020 2021
Shares outstanding adj. 135 135 135
Share price 76,38 85,7 85,7
Market cap. (m) 10274 11528 11528
P/E 11,6 13,7 12,6
Net IB debt / share 87 92 95
P/CEPS 13 12,2 11,2
P/CEPS adj. 13 12,2 11,2
EV/EBIT 16,7 19,8 18,9
Implicit yield (%) 5 4,9 5,2
Yield on BV (%) 5,4 5,4 5,4
Dividend yield (%) 3,7 4 4,2
P/NAV N/A N/A N/A
P/EPRA NAV 1,16 1,05 0,96
P/BVPS 1,33 1,23 1,13
EV/NOI 19,32 18,68 17,81

Equity research

Read earlier research

Media

Diös - Interview with CEO Knut Rost (in Swedish)
Diös - Company presentation 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 2019
Erik Paulsson & Bolag 10.5 % 10.5 % 31 Dec 2019
Nordstjernan 10.1 % 10.1 % 31 Dec 2019
Pensionskassan SHB Försäkringsförening 6.0 % 6.0 % 31 Dec 2019
Handelsbanken Fonder 3.2 % 3.2 % 31 Dec 2019
Avanza Pension 2.2 % 2.2 % 31 Dec 2019
Swedbank Robur Fonder 1.8 % 1.8 % 31 Dec 2019
BlackRock 1.5 % 1.5 % 31 Dec 2019
Sten Dybeck, inklusive bolag och familj 1.5 % 1.5 % 31 Dec 2019
ODIN Fonder 1.2 % 1.2 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Diös

Name Quantity Code Date
Anders Jörgen Nelson + 600 BUY 10 Dec 2019
Sofie Stark + 2 000 BUY 30 Oct 2019
Rolf Larsson + 500 BUY 29 Oct 2019
Ragnhild Backman + 5 000 BUY 25 Oct 2019
Ragnhild Backman + 5 000 BUY 11 Sep 2019
Knut Rost + 960 BUY 10 Sep 2019
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

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