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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 1187 1276 1380
NOI margin (%) 64 64,5 65,3
CEPS Adj 6,5 7,23 7,94
CEPS Adj. growth (%) 8,7 11,3 9,8
DPS 3,3 3,5 3,7
EPRA NAVPS 73,4 80,81 88,95
EPS 7,8 6,11 6,71
EPS Adj 7,8 6,11 6,71
P/CEPS Adj. (x) 13,2 8,1 7,4
P/E Adj. (x) 11 9,6 8,7
P/EPRANAV (x) 1,17 0,73 0,66
Implicit yield (%) 4,8 5,5 5,8
div.yield (%) 3,8 6 6,3
LTV (%) 53,1 52,4 51,5
Rental Income 1854 1978 2115
Rental growth (%) 2,4 6,7 6,9
SEKm 2019 2020e 2021e
Rental income 1854 1978 2115
Other income 0 0 0
Operating costs -667 -702 -735
Net operating income 1187 1276 1380
NOI margin (%) 64 64,5 65,3
Value change realized 0 0 0
Value change unrealized 350 0 0
Administration costs -73 -76 -79
All other income & costs 0 0 0
EBIT 1464 1200 1301
Net financial items -162 -160 -160
Value change derivatives -1 0 0
Pretax profit 1302 1040 1142
Deferred profit tax -174 -150 -165
Current tax -79 -68 -74
Net profit 1049 822 903
Minority interest 0 0 0
Net profit to shareholders 1049 822 903
Other income statement related information 2019 2020 2021
Cash earnings 874 972 1067
Tax rate (%) -19,4 -20,9 -20,9
Net investments 1733 1458 1487
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 7,8 6,11 6,71
CEPS 6,5 7,23 7,94
CEPS adj. 6,5 7,23 7,94
Dividend per share Adj 3,3 3,5 3,7
Payout ratio of CEPS (%) 50,8 48,4 46,6
Rental growth (%) 2,4 6,7 6,9
NOI growth (%) 4,1 7,5 8,2
CEPS growth (%) 8,7 11,3 9,8
CEPS adj. growth (%) 8,7 11,3 9,8
Balance Sheet 2019 2020 2021
Properties 22885 24343 25830
Deferred tax asset 0 0 0
Receivables 221 236 252
Cash and liquid assets 0 0 0
Other assets 81 86 92
Current liabilities 0 0 0
Total assets 23187 24665 26174
Shareholders equity 8484 9220 10031
Minority 0 0 0
Deferred tax 1524 1592 1666
Interest bearing debt 13179 13854 14477
Short-term debt 0 0 0
Derivatives 0 0 0
Total liabilities and equity 23187 24665 26174
Other balance sheet related information 2019 2020 2021
Net IB debt 12145 12751 13297
Rental area m2 (000) 1483 1483 1483
Rent per m2 1250 1334 1426
Equity ratio (%) 36,6 37,4 38,3
Loan to value (%) 53,1 52,4 51,5
Net loan to value (%) 57,6 56,9 56
ICR real estate 7 7 8
Interest rate on debt (%) 1 1 1
Occupancy rate (%) 91 91 91
NAV per share 0 0 0
BVPS 63,07 68,54 74,58
EPRA NAV per share 73,4 80,81 88,95
Valuation 2019 2020 2021
Shares outstanding adj. 135 135 135
Share price 76,38 58,65 58,65
Market cap. (m) 10274 7889 7889
P/E 11 9,6 8,7
Net IB debt / share 90 95 99
P/CEPS 13,2 8,1 7,4
P/CEPS adj. 13,2 8,1 7,4
EV/EBIT 16,2 17,2 16,3
Implicit yield (%) 4,8 5,5 5,8
Yield on BV (%) 5,2 5,2 5,3
Dividend yield (%) 3,8 6 6,3
P/NAV N/A N/A N/A
P/EPRA NAV 1,17 0,73 0,66
P/BVPS 1,36 0,86 0,79
EV/NOI 19,95 16,18 15,35

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 % 29 Feb 2020
Erik Paulsson & Bolag 10.5 % 10.5 % 29 Feb 2020
Nordstjernan 10.1 % 10.1 % 29 Feb 2020
Pensionskassan SHB Försäkringsförening 6.0 % 6.0 % 29 Feb 2020
Handelsbanken Fonder 3.4 % 3.4 % 29 Feb 2020
Avanza Pension 2.0 % 2.0 % 29 Feb 2020
Swedbank Robur Fonder 1.8 % 1.8 % 29 Feb 2020
BlackRock 1.6 % 1.6 % 31 Mar 2020
Sten Dybeck, inklusive bolag och familj 1.5 % 1.5 % 29 Feb 2020
ODIN Fonder 1.5 % 1.5 % 29 Feb 2020
Source: Holdings by Modular Finance AB

Insider list - Diös

Name Quantity Code Date
Rolf Larsson + 1 000 BUY 17 Mar 2020
Lars Dahl + 1 600 BUY 16 Mar 2020
Knut Rost + 750 BUY 13 Mar 2020
Bob Persson + 50 000 BUY 13 Mar 2020
Ragnhild Backman + 6 000 BUY 12 Mar 2020
Ragnhild Backman + 4 000 BUY 10 Mar 2020
Peter Strand + 10 000 BUY 28 Feb 2020
Anders Jörgen Nelson + 600 BUY 10 Dec 2019
Sofie Stark + 2 000 BUY 30 Oct 2019
Rolf Larsson + 500 BUY 29 Oct 2019

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