This morning, Diös announced that it has signed an agreement with Fastator-owned Point Properties to divest city centre properties in Gävle, Falun, Umeå and Skellefteå. The transaction priced the properties at SEK 16,022sqm, which is below Diös’ average of ~SEK 18,500sqm. However, 72% of the properties are either retail or restaurants. The involved parties expect the transaction to close on 1 June.
Net acquisitions of SEK 1,043m YTD (SEK 471m)
The divested rental value amounts to SEK 77m (~3.2% of 2022e rental income assuming an occupancy rate of ~90.5%), but we expect the divestment to decrease Diös’ exposure to retail and hotel/restaurants to 21% from 24% (rental value). So far in 2022, Diös has announced net acquisitions of SEK 1,043m to be completed in Q1 and Q2. This compares to SEK 471m, SEK -89m and SEK 480m in the full years of 2021, 2020 and 2019.
2023e P/IFPM of 11.6x, 25-30% below peers
The share is trading at a 2023e P/IFPM of 11.6x and a 2023e P/NRV discount of ~18%. These valuation metrics are 25-30% (P/IFPM) below, or ~5% (P/EPRA NRV) above, the average valuation for the peer group of Castellum, Eastnine and Wihlborgs. Meanwhile, we expect Diös to see solid cash flow generation (CE/EPRA NRV) of ~7% p.a. and a ’21- ’24e EPRA NRV CAGR of ~13%. compared to the peer avg. of ~9%.
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