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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.

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 2022 2023e 2024e
Rental income 712 1011 1079
Rental growth 151,18 41,85 6,81
NOI 532 787 842
NOI margin (%) 74,7 77,8 78
CEPS 1 0,89 0,93
CEPS growth (%) 41,56 -11,46 4,09
DPS 0 0 0
EPRA NRV per share 16,98 15,5 16,28
EPS 0,6 -1,27 0,67
EPS adj. 0 0 0
P/CEPS 8,7 9,8 9,4
P/E (x) 14,6 -6,9 13
P/EPRA NRV 0,51 0,56 0,54
Implicit yield (%) 4,7 7,6 8,3
Dividend yield (%) 0 0 0
LTV (%) 0 0 0
Net LTV (%) 55,84 56,25 54,34
SEKm 2022 2023e 2024e
Rental income 712 1011 1079
Other income 0 0 0
Operating costs -181 -224 -237
NOI 532 787 842
NOI margin (%) 74,7 77,8 78
Adm. costs -53 -60 -62
All other income & costs 26 -38 11
Recurring EBIT 505 744 791
Net financial items -194 -386 -418
Income from property management 311 358 374
Value chg. realized 0 0 0
Value chg. unrealized -40 -844 -54
Value chg. derivatives 81 4 0
Pretax profit 323 -536 319
Deferred tax -92 93 -40
Current tax -9 -28 -30
Net profit 222 -471 249
Minority interest 0 0 0
Div. Pref/D-shares and hybrids 0 0 0
Net profit to shareholders 222 -471 249
Cash earnings 302 330 343
Other related information N/A N/A N/A
Tax Rate (%) 31,2 12,1 22
Investments in developments -431 -346 -144
Acquisitions -1214 -4 0
Other investments -151 -29 0
Divestments 954 964 0
EPS 0,6 -1,27 0,67
CEPS 1 0,89 0,93
Dividend per share 0 0 0
Payout ratio of CEPS 0 0 0
Rental growth 151,18 41,85 6,81
NOI growth 136,59 47,89 7,07
CEPS growth 41,56 -11,46 4,09

Equity research

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Media

Stenhus Fastigheter - Company presentation with CFO Tomas Georgiadis & Deputy CEO Mikael Nicander
Stenhus Fastigheter - Company presentation with Deputy CEO Gustaf Segerborg & Deputy CEO Mikael Nicander

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Sterner Stenhus Holding AB 24.4 % 24.4 % 27 Sep 2023
Fastighets AB Balder 19.7 % 19.7 % 27 Sep 2023
Investment AB Öresund 8.9 % 8.9 % 30 Sep 2023
Länsförsäkringar Fonder 5.9 % 5.9 % 31 Oct 2023
Conny Ryk 5.1 % 5.1 % 28 Jun 2023
FastPartner AB 2.8 % 2.8 % 27 Sep 2023
Creades AB 2.5 % 2.5 % 31 Oct 2022
PriorNilsson Fonder 2.4 % 2.4 % 31 Oct 2023
Anna Engebretsen 2.1 % 2.1 % 2 Oct 2023
Movestic Livförsäkring AB 1.7 % 1.7 % 27 Sep 2023
Source: Holdings by Modular Finance AB