Diös: No drama in the north - ABG

Q1 NOI 0% vs ABGSCe
Property value changes -1.8% vs ABGSCe -1.1%
Occupancy up to 92% vs 91% in Q4'22


Q1 results

Q1'23: Total income SEK 617m (0% vs ABGSCe 620m), NOI 389m (0% vs ABGSCe 388m), Recurring PTP 220m (-2% vs ABGSCe 220m), CEPS 1.50 (-1% vs ABGSCe 1.51). We note a strong NOI margin at 63.0% (0.5 pp vs ABGSCe at 62.5%), while net letting amounted to SEK 3m (22m) in the quarter. The like-for-like rental income growth was 10.6% and the NOI 8.7%. The occupancy rate amounted to 92% (91% in Q4’22 & 90% in Q1’22). All in all, a report with NOI in line with our estimates, but slightly higher admin costs and net financial expenses take down recurring PTP 2% vs ABGSCe.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/dios/Equity-research/2023/4/dios---no-drama-in-the-north/