Property value changes in Q4 was -1.1% (ABGSCe at -1.2%). We expect property values to continue down during 2023e, but forecast lower value declines in Diös (~-7.5%) than the sector average, thanks to: (1) less cyclical rents in the Diös markets, and (2) relatively high property yields (currently at ~5.75%). We expect the current net LTV of 51.9% to increase during the year and peak at ~54%. Diös has credit guarantees from banks to meet the bond maturities during the year.
2023 P/CEPS of ~12x is ~35% below sector average
The share is trading at a 2023e P/CEPS multiple that is ~35% below the sector average, with >75% bilateral bank debt, low electricity price exposure, and strong operational performance.
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