Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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. In recent years, it has also 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.

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 2023 2024e 2025e
Rental income 863 903 947
Rental growth 17,77 4,66 4,77
NOI 668 706 748
NOI margin (%) 77,4 78,1 79
CEPS 8,2 8,67 9,72
CEPS growth (%) 12,66 5,73 12,03
DPS 0 0 0
EPRA NRV per share 184,08 195,82 220,85
EPS -5,38 8,96 19,51
EPS adj. 0 0 0
P/CEPS 22,5 21,3 19
P/E (x) -34,4 20,6 9,5
P/EPRA NRV 1 0,94 0,84
Implicit yield (%) 5 5,1 5,3
Dividend yield (%) 0 0 0
Net LTV (%) 53,91 53,66 51,59
LTV (%) 0 0 0
SEKm 2023 2024e 2025e
Rental income 863 903 947
Other income 0 0 0
Operating costs -195 -198 -198
NOI 668 706 748
NOI margin (%) 77,4 78,1 79
Adm. costs -80 -79 -81
All other income & costs 0 0 0
Recurring EBIT 588 627 667
Net financial items -291 -318 -328
Income from property management 297 309 339
Value chg. realized 0 0 0
Value chg. unrealized -382 87 435
Value chg. derivatives -22 0 0
Pretax profit -107 396 774
Deferred tax 18 -79 -157
Current tax -2 -2 -3
Net profit -92 315 615
Minority interest 0 0 0
Div. Pref/D-shares and hybrids -61 -60 -60
Net profit to shareholders -153 255 555
Cash earnings 233 247 276
Other related information N/A N/A N/A
Tax Rate (%) 14,1 20,6 20,6
Investments in developments -526 -550 -550
Acquisitions 0 0 0
Other investments N/A N/A N/A
Divestments 0 0 0
EPS -5,38 8,96 19,51
CEPS 8,2 8,67 9,72
Dividend per share 0 0 0
Payout ratio of CEPS 0 0 0
Rental growth 17,77 4,66 4,77
NOI growth 21,9 5,64 6,01
CEPS growth 12,66 5,73 12,03

Equity research

Read earlier research

Media

Stendörren - Fireside chat with CEO Erik Ranje
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 % 27 Sep 2023
Altira AB 10.0 % 14.4 % 29 Jan 2024
SEB Fonder 12.6 % 7.0 % 31 Jan 2024
Länsförsäkringar Fonder 8.6 % 4.8 % 31 Jan 2024
Tredje AP-fonden 4.1 % 2.3 % 29 Jan 2024
ODIN Fonder 3.0 % 1.7 % 29 Jan 2024
Handelsbanken Fonder 2.8 % 1.6 % 31 Jan 2024
Didner & Gerge Fonder 2.3 % 1.3 % 31 Jan 2024
Carnegie Fonder 2.2 % 1.2 % 31 Jan 2024
Söderberg & Partners Asset Management SA 2.0 % 1.1 % 31 Jan 2024
Source: Holdings by Modular Finance AB