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Stendörren

Stendörren

Expansive real estate company with Stockholm in focus

Stendörren is a small, but expansive property company focusing on commercial properties, primarily light industry and warehouses in the Stockholm region and Mälardalen. The portfolio originates from Kvalitena AB, founded in the mid-1990s. Stendörren’s real estate portfolio is mainly located in Greater Stockholm and Mälardalen.

Owning logistics, warehouse and industrial properties in Stockholm with relatively high yields means low operational risk, and is a business concept that has generated very high historical returns. Regional growth contributes to good demand while the supply in Stockholm decreases on refinement processes. This dynamic supports high rental levels and low vacancies, but also creates a long-term option on the property value.

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.

SEKm 2021 2022e 2023e
Rental Income 656 739 809
Rental growth (%) 0,6 12,7 9,4
Net operating income 489 561 616
NOI margin (%) 74,5 75,8 76,1
CEPS Adj 7,57 9,7 10,82
CEPS Adj. growth (%) 7,1 28,1 11,6
DPS 0 0 0
EPRA NAVPS 186,79 209,55 235,84
EPS 40,34 20,6 20,58
EPS Adj 0 0 0
P/CEPS Adj. (x) 40,2 23,3 20,9
P/E Adj. (x) 0 0 0
P/EPRANAV (x) 1,63 1,08 0,96
Implicit yield (%) 3,7 4 4,2
div.yield (%) 0 0 0
LTV (%) 49,7 47,2 46,2
SEKm 2021 2022e 2023e
Rental income 656 739 809
Other income 0 0 0
Operating costs -167 -179 -193
Net operating income 489 561 616
NOI margin (%) 74,5 75,8 76,1
Value change realized 0 0 0
Value change unrealized 1236 370 440
Administration costs -77 -75 -77
All other income & costs 0 0 0
EBIT 1649 856 978
Net financial items -144 -157 -176
Value change derivatives 6 108 0
Pretax profit 1511 807 802
Deferred profit tax -312 -168 -162
Current tax -2 -2 -3
Net profit 1197 637 637
Minority interest 0 0 0
Net profit to shareholders 1145 586 585
Other income statement related information 2021 2022 2023
Cash earnings 215 276 308
Tax rate (%) -20,8 -21,1 -20,6
Net investments -922 -630 -740
Acquisitions -668 -360 -200
Other investments 2 0 0
Divestments 0 195 0
EPS 40,34 20,6 20,58
CEPS 7,57 9,7 10,82
CEPS adj. 7,57 9,7 10,82
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 0,6 12,7 9,4
NOI growth (%) 1,5 14,6 9,8
CEPS growth (%) 7,1 28,1 11,6
CEPS adj. growth (%) 7,1 28,1 11,6
Balance Sheet 2021 2022 2023
Properties 11693 12699 13878
Deferred tax asset 0 0 0
Receivables 146 183 196
Cash and liquid assets 160 248 387
Other assets 392 428 441
Current liabilities 262 365 391
Total assets 12290 13527 14858
Shareholders equity 4430 5016 5601
Minority 786 786 786
Deferred tax 925 1093 1256
Interest bearing debt 5887 6267 6825
Short-term debt 0 0 0
Derivatives 262 365 391
Total liabilities and equity 12290 13527 14858
Other balance sheet related information 2021 2022 2023
Net IB debt 5418 5604 6023
Rental area m2 (000) 793 816 847
Rent per m2 827 906 956
Equity ratio (%) 36 37,1 37,7
Loan to value (%) 49,7 47,2 46,2
Net loan to value (%) 51,7 51,3 52
ICR real estate 3 3 3
Interest rate on debt (%) 3 3 3
Occupancy rate (%) 89 92,8 92,8
NAV per share 0 0 0
BVPS 155,83 176,43 197,02
EPRA NAV per share 186,79 209,55 235,84
Valuation 2021 2022 2023
Shares outstanding adj. 28 28 28
Share price 215,61 226 226
Market cap. (m) 6130 6425 6425
P/E 7,5 11 11
Net IB debt / share 191 197 212
P/CEPS 40,2 23,3 20,9
P/CEPS adj. 40,2 23,3 20,9
EV/EBIT 9,3 15,4 13,9
Implicit yield (%) 3,7 4 4,2
Yield on BV (%) 4,2 4,4 4,4
Dividend yield (%) 0 0 0
P/NAV 0 0 0
P/EPRA NAV 1,63 1,08 0,96
P/BVPS 1,95 1,28 1,15
EV/NOI 31,19 23,56 22,14

Equity research

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Media

Stendörren Fastigheter - Company presentation with CEO Erik Ranje & CFO Per-Henrik Karlsson
Stendörren Fastigheter - Company presentation with CEO Erik Ranje & CFO Per-Henrik Karlsson

Main shareholders - Stendörren

Main shareholders Share capital % Voting shares % Verified
EQT 40.6 % 58.0 % 31 Mar 2022
Altira AB 10.7 % 14.8 % 31 Mar 2022
Länsförsäkringar Fonder 12.0 % 6.7 % 30 Apr 2022
SEB Fonder 10.1 % 5.7 % 30 Apr 2022
ODIN Fonder 3.6 % 2.0 % 30 Apr 2022
Tredje AP-fonden 3.5 % 1.9 % 31 Mar 2022
Carnegie Fonder 2.6 % 1.4 % 30 Apr 2022
Didner & Gerge Fonder 2.1 % 1.2 % 30 Apr 2022
Staffan Malmer 0.9 % 0.5 % 31 Mar 2022
Bodil Warmland 0.9 % 0.5 % 31 Mar 2022
Source: Holdings by Modular Finance AB

Insider list - Stendörren

Name Quantity Code Date
Lars Johan Malmberg + 1 250 BUY 6 Apr 2021
Lars Johan Malmberg + 250 BUY 6 Apr 2021
Maria Jonsson + 150 BUY 15 Jan 2021
Maria Jonsson + 650 BUY 15 Jan 2021
Maria Jonsson + 650 BUY 15 Jan 2021
Anders Nilsson + 95 000 ALTM 16 Nov 2020
Lars Johan Malmberg + 1 500 BUY 13 Nov 2020
Lars Johan Malmberg + 10 000 ALTM 13 Nov 2020
Per-Henrik Karlsson + 5 000 ALTM 12 Nov 2020
Erik Ranje + 100 000 BUY 11 Nov 2020

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