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Stenhus Fastigheter

Stenhus Fastigheter

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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.

Financials

SEKm 2024 2025e 2026e
Rental income 1012 1018 1021
Rental growth -0,7 0,7 0,3
NOI 784 793 805
NOI margin (%) 77,4 77,8 78,8
CEPS 0,72 0,93 1,06
CEPS growth (%) -13,5 28,5 14,2
DPS 0,2 0,2 0,2
EPRA NRV per share 16,25 17,49 19,38
EPS 0,14 1,07 1,74
EPS adj. 0 0 0
P/CEPS 14,7 11,4 10
P/E (x) 77 9,9 6,1
P/EPRA NRV 0,65 0,6 0,55
Implicit yield (%) 6,8 6,8 6,9
Dividend yield (%) 1,9 1,9 1,9
Net LTV (%) 53,46 53,11 51,59
LTV (%) 0 0 N/A
SEKm 2024 2025e 2026e
Rental income 1012 1018 1021
Other income 0 0 0
Operating costs -228 -226 -216
NOI 784 793 805
NOI margin (%) 77,4 77,8 78,8
Adm. costs -80 -70 -69
All other income & costs -27 9 12
Recurring EBIT 714 736 748
Net financial items -398 -343 -307
Income from property management 316 393 441
Value chg. realized 0 0 0
Value chg. unrealized -113 144 280
Value chg. derivatives -40 -25 0
Pretax profit 126 507 722
Deferred tax -25 -68 -48
Current tax -46 -51 -62
Net profit 56 388 613
Minority interest -5 -4 -4
Div. Pref/D-shares and hybrids 0 0 0
Net profit to shareholders 51 384 609
Cash earnings 267 338 375
Other related information N/A N/A N/A
Tax Rate (%) 55,7 23,4 15,2
Investments in developments -217 -274 -233
Acquisitions -160 -720 0
Other investments -9 -5 0
Divestments 666 681 0
EPS 0,14 1,07 1,74
CEPS 0,72 0,93 1,06
Dividend per share 0,2 0,2 0,2
Payout ratio of CEPS 27,75 21,59 18,92
Rental growth -0,7 0,65 0,29
NOI growth -0,8 1,2 1,6
CEPS growth -13,47 28,51 14,16

Equity research

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Media

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

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Main shareholders - Stenhus Fastigheter

Main shareholders Share capital % Voting shares % Verified
Sterner Stenhus Holding AB 24.4 % 24.4 % 29 Oct 2025
Fastighets AB Balder 20.1 % 20.1 % 31 Dec 2024
Investment AB Öresund 8.9 % 8.9 % 29 Oct 2025
Stenhus Fastigheter i Norden AB (publ) 3.9 % 3.9 % 29 Oct 2025
Avanza Pension 3.9 % 3.9 % 29 Oct 2025
Länsförsäkringar Fonder 2.9 % 2.9 % 31 Oct 2025
FastPartner AB 2.8 % 2.8 % 29 Oct 2025
First Fondene 2.4 % 2.4 % 29 Oct 2025
Anna Engebretsen 2.1 % 2.1 % 29 Oct 2025
Nordnet Pensionsförsäkring 1.6 % 1.6 % 29 Oct 2025
Source: Holdings by Modular Finance AB