Diös: Solid operations up north - ABG

NOI and Rec PTP +2% and -2%, respectively, vs ABGSCe
Limited net letting, flat occupancy, strong margin
ICR at ~1.8x in 2024e, trading below the sector


Rec PTP -2% vs ABGSCe

Total income amounted to SEK 621m (-1% vs ABGSCe), NOI 449m (+2% vs ABGSCe) with a very strong NOI margin which expanded by 2.9 pp y-o-y to 72.3% (+2.4 pp vs ABGSCe). IFPM / Recurring PTP was hurt by higher net financial expenses (-SEK 206m vs ABGSce at -SEK 197m) and amounted to SEK 220m (-2% vs ABGSCe). From an operational point of view, Diös delivered net letting of SEK 0m in the quarter, a like-for-like rental income growth of 10.0% (10.6% in Q2) and the occupancy rate amounted to 92% (flat q-o-q). All in all, a report with NOI slightly above estimates (+2%) and rec PTP slightly below estimates (-2%) explained by a strong NOI margin and higher net financial expenses.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/dios/Equity-research/2023/10/dios---solid-operations-up-north-/