Net financials weigh slightly on estimates in '23e-'24e
Diös posted a Q1 report with rental income and NOI in line vs. ABGSCe. Again, Diös showcased a solid NOI margin, which expanded by ~70bps to 63.0% (62.3%) — the highest-ever margin for a Q1 report. Our top-line estimates remain largely unchanged for 2023e-25e, while me make minor positive revisions to property costs for our forecast period. On an operational basis, Diös continues to deliver positive net leasing (SEK 3m in Q1, SEK 58m TTM) and the occupancy rate increased to 91.6% vs. 91.1% in Q4'22. Management hints at further lettings, and we model somewhat improved occupancy in 2023e. We lower our CEPS estimates by 1-4% for '23e-'25e due to higher interest rates.
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