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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 656 738 824
Rental growth (%) 0,6 12,5 11,6
Net operating income 489 560 625
NOI margin (%) 74,5 75,9 75,9
CEPS Adj 7,57 8,93 9,29
CEPS Adj. growth (%) 7,1 17,9 4,1
DPS 0 0 0
EPRA NAVPS 186,79 210,87 215,65
EPS 40,34 23,84 3,45
EPS Adj 0 0 0
P/CEPS Adj. (x) 40,2 21,7 20,9
P/E Adj. (x) 0 0 0
P/EPRANAV (x) 1,63 0,92 0,9
Implicit yield (%) 3,7 4,2 4,5
div.yield (%) 0 0 0
LTV (%) 49,7 48,3 49,7
SEKm 2021 2022e 2023e
Rental income 656 738 824
Other income 0 0 0
Operating costs -167 -178 -199
Net operating income 489 560 625
NOI margin (%) 74,5 75,9 75,9
Value change realized 0 0 0
Value change unrealized 1236 432 -128
Administration costs -77 -75 -77
All other income & costs 0 0 0
EBIT 1649 917 420
Net financial items -144 -175 -223
Value change derivatives 6 185 0
Pretax profit 1511 927 197
Deferred profit tax -312 -193 -38
Current tax -2 -2 -3
Net profit 1197 732 156
Minority interest 0 0 0
Net profit to shareholders 1145 678 98
Other income statement related information 2021 2022 2023
Cash earnings 215 254 264
Tax rate (%) -20,8 -21,1 -20,6
Net investments -922 -868 -790
Acquisitions -668 -474 -200
Other investments 2 -2 0
Divestments 0 195 0
EPS 40,34 23,84 3,45
CEPS 7,57 8,93 9,29
CEPS adj. 7,57 8,93 9,29
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 0,6 12,5 11,6
NOI growth (%) 1,5 14,5 11,6
CEPS growth (%) 7,1 17,9 4,1
CEPS adj. growth (%) 7,1 17,9 4,1
Balance Sheet 2021 2022 2023
Properties 11693 13005 13667
Deferred tax asset 0 0 0
Receivables 146 152 164
Cash and liquid assets 160 585 408
Other assets 392 397 409
Current liabilities 262 240 260
Total assets 12290 14217 14713
Shareholders equity 4430 5106 5204
Minority 786 786 786
Deferred tax 925 1118 1156
Interest bearing debt 5887 6966 7307
Short-term debt 0 0 0
Derivatives 262 240 260
Total liabilities and equity 12290 14217 14713
Other balance sheet related information 2021 2022 2023
Net IB debt 5418 5887 6406
Rental area m2 (000) 793 836 868
Rent per m2 827 883 948
Equity ratio (%) 36 35,9 35,4
Loan to value (%) 49,7 48,3 49,7
Net loan to value (%) 51,7 58,1 56,5
ICR real estate 3 3 2
Interest rate on debt (%) 3 3 3
Occupancy rate (%) 89 93 93
NAV per share 0 0 0
BVPS 155,83 179,6 183,05
EPRA NAV per share 186,79 210,87 215,65
Valuation 2021 2022 2023
Shares outstanding adj. 28 28 28
Share price 215,61 194 194
Market cap. (m) 6130 5515 5515
P/E 7,5 8,1 56,3
Net IB debt / share 191 207 225
P/CEPS 40,2 21,7 20,9
P/CEPS adj. 40,2 21,7 20,9
EV/EBIT 9,3 13,7 31,2
Implicit yield (%) 3,7 4,2 4,5
Yield on BV (%) 4,2 4,3 4,6
Dividend yield (%) 0 0 0
P/NAV 0 0 0
P/EPRA NAV 1,63 0,92 0,9
P/BVPS 1,95 1,08 1,06
EV/NOI 31,19 22,46 20,96

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 Jun 2022
Altira AB 10.7 % 14.8 % 28 Jun 2022
Länsförsäkringar Fonder 11.7 % 6.5 % 31 Jul 2022
SEB Fonder 10.0 % 5.6 % 31 Jul 2022
ODIN Fonder 3.8 % 2.1 % 31 Jul 2022
Tredje AP-fonden 3.5 % 1.9 % 28 Jun 2022
Carnegie Fonder 2.5 % 1.4 % 31 Jul 2022
Didner & Gerge Fonder 2.1 % 1.2 % 31 Jul 2022
Söderberg & Partners Asset Management SA 1.1 % 0.6 % 31 Jul 2022
Staffan Malmer 1.1 % 0.6 % 28 Jun 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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