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Third party research

Diös: Beat on value revisions also in Q2 - ABG

Diös

This is a third party research report and does not necessarily reflect our views or values

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Adj. for EO item, cash flow came in as expected
FYe property value changes of 3.7% vs. 2.0%
13x P/CE TTM vs. peers at 17-19x

IFPM came in ~12% above cons. at SEK 288m, but when adj. for a SEK 30m one-off, it was precisely in line. A similar deviation was true for NOI. A few terminations that we deem to have been of a non-recurring nature have negatively impacted net leasing in H1, but this figure revamped to positive in Q2 (SEK 1m - from SEK -2m in Q1). One such termination was the early termination of Casino Cosmopol in Sundsvall, resulting in a SEK 30m one-off gain in Q2 (net ~SEK 28m when including missed rental income). This vacancy will be filled soon, and overall occupancy is expected to come up in Q3 & Q4, acc. to management. The ~SEK 72m building rights divestment to Magnolia late in Q2 is a positive as this indicates demand for further divestments of Diös’ building rights portfolio, which it has many times stated is too big to keep for itself.

At 12.8x P/CE TTM and 1.1x P/NAV last reported, Diös trades at historically high multiples; however, planned infrastructure investments in the region of more than SEK 1tn should certainly have a positive effect on Diös. Peers like Wihlborgs, Kungsleden and Nyfosa trade at 17.1-19.0x P/CE TTM and 1.0-1.4x P/NAV last reported. Diös’ ~15% run from its one-year average on P/NAV last reported is notable compared to the sector’s at ~5%. The equivalent run on P/CE TTM is more in line with the sector at ~20% compared to the sector’s at ~18%.
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