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Stendörren

Stendörren

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Stendörren is a small, but expansive property company focusing on commercial properties, primarily light industry and warehouses in the Stockholm region and Mälardalen. In recent years, it hasalso expanded into Norway, Denmark and Finland, and the company also focus on project development. The portfolio originates from Kvalitena AB, founded in the mid-1990s. Main shareholder is EQT.

Sustainability information

Stendörren is relatively small compared to peers and the tenant risk is quite high. Moreover, the company has a promising project portfolio, with its crown jewel being Greenhub Bro. Even though risk/reward seems great we acknowledge that the overall risk in Stendörren gets bigger with more focus on property development.

Financials

SEKm 2025 2026e 2027e
Rental income 973 1022 N/A
Rental growth 6,89 5,09 -100
NOI 777 818 N/A
NOI margin (%) 79,8 80,1 N/A
CEPS 12,15 13,46 N/A
CEPS growth (%) 33,68 10,79 N/A
DPS 0 0 N/A
EPRA NRV per share 218,96 241,91 N/A
EPS 16,66 18,28 N/A
EPS adj. 0 0 N/A
P/CEPS 17,7 16 215
P/E (x) 12,9 11,8 N/A
P/EPRA NRV 0,98 0,89 215
Implicit yield (%) 5 5,1 N/A
Dividend yield (%) 0 0 0
Net LTV (%) 54,44 52,68 N/A
LTV (%) 0 N/A N/A
SEKm 2025 2026e 2027e
Rental income 973 1022 N/A
Other income 0 0 N/A
Operating costs -196 -204 0
NOI 777 818 N/A
NOI margin (%) 79,8 80,1 N/A
Adm. costs -86 -88 N/A
All other income & costs 0 0 0
Recurring EBIT 691 731 N/A
Net financial items -315 -318 0
Income from property management 376 413 0
Value chg. realized 0 0 N/A
Value chg. unrealized 250 270 N/A
Value chg. derivatives 0 0 N/A
Pretax profit 626 683 0
Deferred tax -122 -133 N/A
Current tax -7 -8 N/A
Net profit 497 542 0
Minority interest 0 0 N/A
Div. Pref/D-shares and hybrids -24 -23 N/A
Net profit to shareholders 474 520 0
Cash earnings 345 383 N/A
Other related information N/A N/A N/A
Tax Rate (%) 20,6 20,6 N/A
Investments in developments -570 -587 N/A
Acquisitions 0 0 N/A
Other investments N/A N/A N/A
Divestments 0 0 N/A
EPS 16,66 18,28 N/A
CEPS 12,15 13,46 N/A
Dividend per share 0 0 N/A
Payout ratio of CEPS 0 0 N/A
Rental growth 6,89 5,09 -100
NOI growth 7,33 5,39 -100
CEPS growth 33,68 10,79 N/A

Equity research

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Media

Stendörren Fastigheter - Company presentation with CEO Erik Ranje
Stendörren Fastigheter - Fireside chat with CEO Erik Ranje

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Main shareholders - Stendörren

Main shareholders Share capital % Voting shares % Verified
Kvalitena 20.2 % 37.9 %
Altira AB 10.3 % 14.6 %
Johan Thorell 2.2 % 10.1 %
Länsförsäkringar Fonder 9.6 % 5.3 %
Avanza Pension 6.8 % 3.8 %
SEB Fonder 5.8 % 3.2 %
Humle Fonder 3.6 % 2.0 %
Staffan Rasjö 3.6 % 2.0 %
Anders Ivarsson Aktiebolag 2.4 % 1.3 %
Fredrik Brodin 2.3 % 1.3 %