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

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Stenhus Fastigheter

Stenhus Fastigheter

Stenhus was listed in 2020 and has grown fast, primarily via acquisitions. The property portfolio amounts to ~SEK 13bn and consists of light industrial properties, grocery stores, public properties and offices, geographically split across Sweden. Stenhus focuses on cash-flow generating properties with strong tenants and long lease agreements. The management team has a long track record of transactions, and has in recent times completed both public takeovers (MaxFastigheter, Randviken) and divestments.

Sustainability information

Stenhus has higher financial gearing (net LTV) and a shorter interest maturity than the sector average, meaning changes in interest rates and property values have a larger effect on Stenhus than comparable peers, all else equal. The company has grown fast in recent years and is focusing on achieving synergies and streamlining the property management organisation on the back of the Randviken acquisition.

SEKm 2024 2025e 2026e
Rental income 1008 990 1018
Rental growth -1,05 -1,77 2,83
NOI 775 770 794
NOI margin (%) 76,9 77,8 78
CEPS 0,76 0,91 1,05
CEPS growth (%) -8,91 20,39 14,87
DPS 0 0 0
EPRA NRV per share 16,26 17,93 19,76
EPS 0,17 1,46 1,59
EPS adj. 0 0 0
P/CEPS 14,5 12 10,5
P/E (x) 66,1 7,6 6,9
P/EPRA NRV 0,68 0,61 0,56
Implicit yield (%) 6,7 6,7 7
Dividend yield (%) 0 0 0
Net LTV (%) 53,71 50,68 47,46
LTV (%) 0 0 N/A
SEKm 2024 2025e 2026e
Rental income 1008 990 1018
Other income 0 0 0
Operating costs -233 -220 -224
NOI 775 770 794
NOI margin (%) 76,9 77,8 78
Adm. costs -67 -67 -68
All other income & costs -22 12 12
Recurring EBIT 719 715 738
Net financial items -398 -317 -283
Income from property management 321 398 455
Value chg. realized 0 0 0
Value chg. unrealized -119 267 273
Value chg. derivatives -59 0 0
Pretax profit 111 665 727
Deferred tax -7 -66 -72
Current tax -36 -43 -49
Net profit 68 557 607
Minority interest -6 -16 -16
Div. Pref/D-shares and hybrids 0 0 0
Net profit to shareholders 62 541 591
Cash earnings 281 340 390
Other related information N/A N/A N/A
Tax Rate (%) 38,4 16,3 16,6
Investments in developments -200 -159 -159
Acquisitions -59 0 0
Other investments -1 0 0
Divestments 637 0 0
EPS 0,17 1,46 1,59
CEPS 0,76 0,91 1,05
Dividend per share 0 0 0
Payout ratio of CEPS 0 0 0
Rental growth -1,05 -1,77 2,83
NOI growth -1,88 -0,63 3,09
CEPS growth -8,91 20,39 14,87

Equity research

Read earlier research

Media

Stenhus Fastigheter - Company presentation with Deputy CEO Mikael Nicander & CFO Tomas Georgiadis
Stenhus Fastigheter - Fireside chat with Deputy CEO Mikael Nicander

Main shareholders - Stenhus Fastigheter

Main shareholders Share capital % Voting shares % Verified
Sterner Stenhus Holding AB 24.3 % 24.3 % 26 Sep 2024
Fastighets AB Balder 19.6 % 19.6 % 26 Sep 2024
Investment AB Öresund 8.9 % 8.9 % 30 Nov 2024
Länsförsäkringar Fonder 5.9 % 5.9 % 30 Nov 2024
FastPartner AB 2.8 % 2.8 % 26 Sep 2024
Avanza Pension 2.6 % 2.6 % 26 Sep 2024
Creades AB 2.5 % 2.5 % 31 Oct 2022
PriorNilsson Fonder 2.1 % 2.1 % 30 Nov 2024
Conny Ryk 2.1 % 2.1 % 31 Dec 2024
Anna Engebretsen 2.1 % 2.1 % 26 Sep 2024
Source: Holdings by Modular Finance AB