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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.

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 2022 2023e 2024e
Rental income 733 849 936
Rental growth 11,74 15,82 10,21
NOI 548 638 705
NOI margin (%) 74,8 75,1 75,4
CEPS 7,28 7,56 9,06
CEPS growth (%) -3,86 3,89 19,75
DPS 0 0 0
EPRA NRV per share 189,11 181,04 200,73
EPS 7,49 -6,87 15,19
EPS adj. 0 0 0
P/CEPS 25,1 24,2 20,2
P/E (x) 24,4 -26,6 12,1
P/EPRA NRV 0,97 1,01 0,91
Implicit yield (%) 4,2 4,7 5
Dividend yield (%) 0 0 0
LTV (%) 0 0 0
SEKm 2022 2023e 2024e
Rental income 733 849 936
Other income 0 0 0
Operating costs -185 -211 -230
NOI 548 638 705
NOI margin (%) 74,8 75,1 75,4
Adm. costs -76 -76 -79
All other income & costs 0 0 0
Recurring EBIT 472 562 626
Net financial items -184 -272 -294
Income from property management 288 289 332
Value chg. realized 0 0 0
Value chg. unrealized -143 -444 302
Value chg. derivatives 224 0 0
Pretax profit 369 -155 634
Deferred tax -75 34 -128
Current tax -23 -2 -3
Net profit 271 -123 504
Minority interest 0 0 0
Div. Pref/D-shares and hybrids -58 -72 -72
Net profit to shareholders 213 -195 432
Cash earnings 207 215 258
Other related information N/A N/A N/A
Tax Rate (%) 26,6 20,6 20,6
Investments in developments -624 -570 -550
Acquisitions -581 -200 -200
Other investments N/A N/A N/A
Divestments 386 0 0
EPS 7,49 -6,87 15,19
CEPS 7,28 7,56 9,06
Dividend per share 0 0 0
Payout ratio of CEPS 0 0 0
Rental growth 11,74 15,82 10,21
NOI growth 12,07 16,36 10,64
CEPS growth -3,86 3,89 19,75

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 % 28 Dec 2022
Altira AB 9.0 % 13.8 % 24 Feb 2023
SEB Fonder 10.9 % 6.1 % 28 Feb 2023
Länsförsäkringar Fonder 10.3 % 5.8 % 28 Feb 2023
ODIN Fonder 3.8 % 2.1 % 28 Feb 2023
Tredje AP-fonden 3.5 % 1.9 % 24 Feb 2023
Handelsbanken Fonder 3.1 % 1.7 % 28 Feb 2023
Didner & Gerge Fonder 2.1 % 1.2 % 28 Feb 2023
Carnegie Fonder 2.1 % 1.2 % 28 Feb 2023
Staffan Malmer 1.1 % 0.6 % 24 Feb 2023
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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