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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.

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 2023 2024e 2025e
Rental income 1019 1067 1097
Rental growth 43,02 4,67 2,88
NOI 790 825 856
NOI margin (%) 77,5 77,3 78
CEPS 0,83 0,85 1,05
CEPS growth (%) -17,04 2,62 23,02
DPS 0 0 0
EPRA NRV per share 15,87 16,85 18,7
EPS -0,89 0,86 1,63
EPS adj. 0 0 0
P/CEPS 14,1 13,7 11,1
P/E (x) -13,1 13,6 7,2
P/EPRA NRV 0,74 0,7 0,63
Implicit yield (%) 6,3 6,8 7,2
Dividend yield (%) 0 0 0
LTV (%) 0 0 0
Net LTV (%) 55,2 53,51 50,13
SEKm 2023 2024e 2025e
Rental income 1019 1067 1097
Other income 0 0 0
Operating costs -229 -242 -241
NOI 790 825 856
NOI margin (%) 77,5 77,3 78
Adm. costs -60 -65 -67
All other income & costs -76 -15 12
Recurring EBIT 746 771 802
Net financial items -387 -397 -339
Income from property management 359 374 462
Value chg. realized 0 0 0
Value chg. unrealized -574 50 279
Value chg. derivatives -86 20 0
Pretax profit -393 419 741
Deferred tax 67 -39 -63
Current tax -50 -45 -56
Net profit -376 335 622
Minority interest 44 -14 -16
Div. Pref/D-shares and hybrids 0 0 0
Net profit to shareholders -332 321 606
Cash earnings 309 317 390
Other related information N/A N/A N/A
Tax Rate (%) 4,3 20,1 16,1
Investments in developments -374 -166 -144
Acquisitions -95 0 0
Other investments -29 0 0
Divestments 1026 269 0
EPS -0,89 0,86 1,63
CEPS 0,83 0,85 1,05
Dividend per share 0 0 0
Payout ratio of CEPS 0 0 0
Rental growth 43,02 4,67 2,88
NOI growth 48,56 4,4 3,78
CEPS growth -17,04 2,62 23,02

Equity research

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Media

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

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Sterner Stenhus Holding AB 24.4 % 24.4 % 26 Mar 2024
Fastighets AB Balder 19.7 % 19.7 % 26 Mar 2024
Investment AB Öresund 8.9 % 8.9 % 30 Apr 2024
Länsförsäkringar Fonder 6.8 % 6.8 % 30 Apr 2024
Conny Ryk 3.3 % 3.3 % 9 Jan 2024
FastPartner AB 2.8 % 2.8 % 26 Mar 2024
Creades AB 2.5 % 2.5 % 31 Oct 2022
PriorNilsson Fonder 2.1 % 2.1 % 30 Apr 2024
Avanza Pension 2.1 % 2.1 % 26 Mar 2024
Anna Engebretsen 2.1 % 2.1 % 26 Mar 2024
Source: Holdings by Modular Finance AB