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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 1220 1289 1378
NOI margin (%) 65 65,9 66,7
CEPS Adj 6,59 7,22 7,78
CEPS Adj. growth (%) 1,5 9,5 7,8
DPS 3,3 3,4 3,5
EPRA NAVPS 79,7 87,39 95,84
EPS 6,82 6,15 6,64
EPS Adj 6,82 6,15 6,64
P/CEPS Adj. (x) 11,6 9,5 8,8
P/E Adj. (x) 11,3 11,2 10,4
P/EPRANAV (x) 0,96 0,79 0,72
Implicit yield (%) 5 5 5,1
div.yield (%) 4,3 4,9 5,1
LTV (%) 54 54,3 54,3
Rental Income 1878 1956 2067
Rental growth (%) 1,3 4,1 5,7
N/A N/A N/A
SEKm 2020 2021e 2022e
Rental income 1878 1956 2067
Other income 0 0 0
Operating costs -658 -667 -689
Net operating income 1220 1289 1378
NOI margin (%) 65 65,9 66,7
Value change realized 0 0 0
Value change unrealized 194 0 0
Administration costs -76 -75 -77
All other income & costs 0 0 0
EBIT 1338 1214 1301
Net financial items -185 -195 -203
Value change derivatives 0 0 0
Pretax profit 1153 1019 1098
Deferred profit tax -164 -143 -154
Current tax -75 -51 -55
Net profit 914 825 890
Minority interest 0 0 0
Net profit to shareholders 914 825 890
Other income statement related information 2020 2021 2022
Cash earnings 884 968 1043
Tax rate (%) -20,7 -19 -19
Net investments 1433 1990 2030
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 6,82 6,15 6,64
CEPS 6,59 7,22 7,78
CEPS adj. 6,59 7,22 7,78
Dividend per share Adj 3,3 3,4 3,5
Payout ratio of CEPS (%) 50 47,1 45
Rental growth (%) 1,3 4,1 5,7
NOI growth (%) 2,8 5,7 6,9
CEPS growth (%) 1,5 9,5 7,8
CEPS adj. growth (%) 1,5 9,5 7,8
Balance Sheet 2020 2021 2022
Properties 24512 26502 28532
Deferred tax asset 0 0 0
Receivables 304 317 335
Cash and liquid assets 0 0 0
Other assets 74 77 81
Current liabilities 0 0 0
Total assets 24890 26896 28948
Shareholders equity 9148 9913 10760
Minority 0 0 0
Deferred tax 1699 1750 1805
Interest bearing debt 14043 15233 16383
Short-term debt 0 0 0
Derivatives 0 0 0
Total liabilities and equity 24890 26896 28948
Other balance sheet related information 2020 2021 2022
Net IB debt 13247 14404 15507
Rental area m2 (000) 1455 1455 1455
Rent per m2 1291 1344 1420
Equity ratio (%) 36,8 36,9 37,2
Loan to value (%) 54 54,3 54,3
Net loan to value (%) 57,3 57,5 57,4
ICR real estate 6 6 6
Interest rate on debt (%) 1 1 1
Occupancy rate (%) 87 87 87
NAV per share 0 0 0
BVPS 68,23 73,94 80,26
EPRA NAV per share 79,7 87,39 95,84
Valuation 2020 2021 2022
Shares outstanding adj. 134 134 134
Share price 68,44 68,85 68,85
Market cap. (m) 9176 9231 9231
P/E 11,3 11,2 10,4
Net IB debt / share 99 107 116
P/CEPS 11,6 9,5 8,8
P/CEPS adj. 11,6 9,5 8,8
EV/EBIT 17,6 19,5 19
Implicit yield (%) 5 5 5,1
Yield on BV (%) 5 4,9 4,8
Dividend yield (%) 4,3 4,9 5,1
P/NAV 0 0 0
P/EPRA NAV 0,96 0,79 0,72
P/BVPS 1,13 0,93 0,86
EV/NOI 19,3 18,33 17,96
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 % 28 Feb 2021
Erik Paulsson & Bolag 10.5 % 10.5 % 28 Feb 2021
Nordstjernan 10.1 % 10.1 % 28 Feb 2021
Pensionskassan SHB Försäkringsförening 6.0 % 6.0 % 28 Feb 2021
Avanza Pension 2.3 % 2.3 % 28 Feb 2021
BlackRock 1.8 % 1.8 % 26 Feb 2021
Swedbank Robur Fonder 1.8 % 1.8 % 28 Feb 2021
Karl Hedin 1.8 % 1.8 % 28 Feb 2021
Sten Dybeck, inklusive bolag och familj 1.6 % 1.6 % 28 Feb 2021
Norges Bank 1.6 % 1.6 % 28 Feb 2021
Source: Holdings by Modular Finance AB

Insider list - Diös

Name Quantity Code Date
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
Rolf Larsson + 1 000 BUY 17 Mar 2020
Lars Dahl + 1 600 BUY 16 Mar 2020

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