olivLaw · European equity research
Diös Fastigheter AB (publ) DIOS.ST
Sweden · Nasdaq Stockholm · ISIN SE0001634262 · Vertical: Listed companies from Sweden
Diös Fastigheter AB is a Swedish property company listed on Nasdaq Stockholm Mid Cap that owns, manages and develops rental properties in towns across northern and central Sweden. Its property portfolio reached 32 545 mkr at the end of 2025, and the company continued to rotate assets through sales, acquisitions and refinancing, in a Swedish property market still sensitive to the cost of funding.
At the close of 05 Nov 2026, Diös Fastigheter AB (publ) (DIOS.ST) stock was 59.20 SEK (+0.94% on the day), with market capitalisation 8.4 bn SEK, P/E 10.4 on diluted EPS of 5.70 SEK over the last 12 months, dividend yield 2.79%, beta 0.43, 52-week range 55.00–70.80 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 61.5
- strong (55–70)
- Bollinger (20, 2)
- 54.86 – 58.87
- above the upper band · %B 1.08 · band width 7.0%
- SMA 50 / 200
- 59.46 / 64.18
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.21 / -0.67
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.0% | −0.6% | +5.6 pp | — |
| 3 months | −11.6% | −4.2% | −7.5 pp | — |
| 6 months | −7.2% | +4.3% | −11.5 pp | — |
| Year to date | −9.8% | +7.5% | −17.3 pp | — |
| 1 year | −7.1% | +9.9% | −17.0 pp | −8.3% |
| 3 years | −8.9% | +49.8% | −58.7 pp | +12.0% |
| 5 years | −44.2% | +42.8% | −87.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 11.5, median 13.9, max 16.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -850.0 m | 691.0 m | 808.0 m |
| Net income YoY | unavailable | unavailable | +16.9% |
| Diluted EPS | -6.01 | 4.88 | 5.70 |
| Diluted EPS YoY | unavailable | unavailable | +16.8% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 321.0 m SEK
- Financial debt
- 14.6 bn SEK
- Net debt
- 14.2 bn SEK
- Equity
- 12.2 bn SEK
- Total assets
- 33.4 bn SEK
- Debt / equity
- 1.20x
- Current ratio
- 0.18x
- ROE
- 6.8%
- ROA
- 2.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 1.7 bn | 1.7 bn | 1.8 bn | esef· 26 Oct 2026verified |
| Interest expense | 734.0 m | 768.0 m | 768.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | -963.0 m | 893.0 m | 1.0 bn | esef· 26 Oct 2026verified |
| Income tax | 28.0 m | 75.0 m | 76.0 m | esef· 26 Oct 2026verified |
| Net income | -850.0 m | 691.0 m | 808.0 m | esef· 26 Oct 2026verified |
| Diluted EPS | -6.01 | 4.88 | 5.70 | esef· 26 Oct 2026verified |
| Dividend per share | 2.38 | 2.20 | 1.65 | esef· 26 Oct 2026derived |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 98.0 m | 405.0 m | 321.0 m | esef· 26 Oct 2026verified |
| Receivables | 302.0 m | 279.0 m | 364.0 m | esef· 26 Oct 2026verified |
| Current assets | 400.0 m | 683.0 m | 685.0 m | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 0 | 0 | 0 | esef· 26 Oct 2026verified |
| Total assets | 31.7 bn | 32.2 bn | 33.4 bn | esef· 26 Oct 2026verified |
| Short-term debt | 6.6 bn | 3.3 bn | — | esef· 08 May 2025verified |
| Long-term debt | 10.5 bn | 13.8 bn | 14.6 bn | esef· 26 Oct 2026verified |
| Current liabilities | 7.9 bn | 4.0 bn | 3.9 bn | esef· 26 Oct 2026verified |
| Equity | 11.0 bn | 11.7 bn | 12.2 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 141.4 m | 141.6 m | 141.8 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 984.0 m | 749.0 m | 897.0 m | esef· 26 Oct 2026verified |
| Investing cash flow | -1.5 bn | -266.0 m | -1.2 bn | esef· 26 Oct 2026verified |
| Financing cash flow | 479.0 m | -176.0 m | 214.0 m | esef· 26 Oct 2026verified |
| Dividends paid | 337.0 m | 71.0 m | 234.0 m | esef· 26 Oct 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 8.4 bn SEK
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.2% | 33 (vs peers) | 28% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.4x | 14 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 10.4x | 88 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.8% | 40 (on a fixed band) | 17% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet8/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial33/100 · 1/3 factors with a value
- Returns· partial40/100 · 1/2 factors with a value
- Valuation· partial88/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Diös Fastigheter AB (DIOS.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 6.8%.
The estimated value range is 52.33–106.30 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 69.58 SEK, the price of 59.20 SEK leaves a potential of 17.5% (value / price − 1) and a margin of safety of 14.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 10.4x
What contradicts it
- Interest coverage: 2.4x
- Current ratio: 0.2x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for DIOS.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Diös Fastigheter AB is a Swedish property company listed on Nasdaq Stockholm Mid Cap that owns, manages and develops rental properties in towns across northern and central Sweden. Its property portfolio reached 32 545 mkr at the end of 2025 1, and the company continued to rotate assets through sales, acquisitions and refinancing, in a Swedish property market still sensitive to the cost of funding.
SWOT
Strengths
Weaknesses
Opportunities
- Converting office space into housing or hotels could create new income sources from existing properties 1.
- Long-term energy contracts can stabilise costs for a period, especially when electricity prices are volatile 1.
- Acquisitions of properties in towns with economic growth could strengthen the portfolio if prices are reasonable 1.
Risks
- Rent collectionhigh
Revenue depends on tenants' ability to pay. If internal processes are weak or the local economy deteriorates, vacancies could rise 1.
- Property valuehigh
Properties are measured at fair value, and wrong assumptions or market changes could lead to negative revaluations 1.
- Refinancing and liquiditymedium
Debt maturing soon must be refinanced. If the credit market deteriorates, costs could rise or access to funding could narrow 1.
- Operating costs and taxationmedium
Property taxes and maintenance costs that cannot be re-invoiced to tenants could reduce operating margins 1.
- Environment and climatemedium
Climate change could cause physical damage and require additional investment in exposed properties, while new regulation could bring unexpected costs 1.
Investment thesis
What would need to be true (bull case)
- If the refinancing and lower margins hold, results could remain stable even with more expensive funding 1.
- A large portfolio with diversified tenants and presence in several towns can reduce the impact of a single local shock 1.
- Converting offices into housing or hotels could open new income sources from properties already owned 1.
What would break the thesis
What to watch
- Development of the funding margin after the 2025 refinancing and of the average cost of debt2026
- Progress of office-to-housing and hotel conversions, including handover dates2026
- Vacancy levels and new lettings for office space in the main towns2026
- Achievement of the target of 10 percent average annual growth in earnings per share, reported annually2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Diös Fastigheter AB (publ) is a Swedish property company headquartered in Östersund, listed on Nasdaq OMX Stockholm Mid Cap, which owns, manages and develops properties for rental 1. The company operates directly or through subsidiaries, and its revenue comes mainly from rents and from property services invoiced to tenants 1. Its strategy rests on profitable long-term growth, investment in existing properties and transactions that strengthen the portfolio 1.
The portfolio is managed locally through a decentralised organisation with presence in several towns, which allows rapid adjustment to tenant demand 1. The company seeks to let vacant premises, convert existing buildings, for example offices into housing or hotels, and keep operating costs under control through long-term electricity purchasing 1.
Segments
Office and commercial properties
This segment forms the core of the portfolio and includes office buildings and premises for public and private institutions in towns across northern and central Sweden 1. Revenue is determined by lease contracts and occupancy levels, and conversions of vacant space into housing or hotels, such as the Kraften 12 property in Umeå, point to a strategy of reusing existing buildings 1.
Development projects and properties under construction
Projects under development and building rights represent a smaller part of the total portfolio value and play an important role for future growth 1. The company continued to invest in existing properties and decided, for example, to convert office space in Luleå into around 22 homes 1.
Market context
The Swedish commercial property market is characterised by competition and by demand that varies with local economies and remote-work trends, according to the risk description in the annual report 1. The cost of funding directly affects property values and results, which is why refinancing and maturity management are central 1.
Property values are estimated periodically by external valuers, and changes in assumptions or market conditions can significantly alter the reported value of the portfolio 1. In 2025 both gains and losses from revaluations were recorded, showing the sensitivity of this market to macroeconomic conditions 1.
Trends
- Reconversion investmentstailwind
Converting office space into housing and hotels could open new income sources from existing properties, especially in towns with housing demand 1. The risk is that projects are delayed or exceed budget, affecting the expected return 1.
- Portfolio adjustment through salesmixed
Property sales, such as those in Åre and Borlänge, reduce exposure to certain localities and free up capital for investment or debt reduction 1. On the other hand, sales shrink the base of recurring income if they are not offset by acquisitions 1.
- Pressure from operating costsheadwind
Property tax and maintenance costs rise from year to year, and part of these costs can be re-invoiced to tenants while another part remains with the company 1. If re-invoicing does not fully cover increases, margins could narrow 1.
Competitive position
Diös operates in a competitive market where tenants can choose between several owners of commercial and office premises 1. The company aims to stay attractive through local presence, the quality of its premises and close relationships with tenants 1.
The main competitors are other funds and property developers in Sweden active in the same towns, but the sources provided do not name them. Competition can influence rent levels and occupancy rates, and the company's advantage depends on its ability to respond quickly to local demand 1.
- Other Swedish property funds listed on Nasdaq Stockholm
Direct competitors in the Swedish commercial and office property market, with portfolios in similar towns. The sources do not name them.
- Local property developers
Competition in reconversion projects and in the acquisition of land and buildings in the towns where the company is present.
- Foreign institutional investors in property
Competition for quality assets and for capital available in the Swedish market, particularly in portfolio transactions.
- Other owners of premises for institutions
Competition for tenants with long-term contracts, such as universities and public bodies, similar to those in the company's portfolio.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
- Annual report 202308 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Diös Fastigheter AB (publ) · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.