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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 14bn 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 2022 2023e 2024e
Sales 692 957 1024
Rental growth 144,11 38,27 6,95
NOI 527 738 789
NOI margin (%) 76,1 77,1 77,1
CEPS 0,98 0,83 0,94
CEPS growth 38,62 -15,49 13,73
Dividend per share 0 0 0
EPRA NRV per share 17,05 15,07 16,71
EPS 0,84 -1,56 1,33
EPS adj. 0 0 0
P/CEPS 11,8 13,9 12,3
P/E (x) 13,7 -7,4 8,7
P/EPRA NRV 0,68 0,77 0,69
Implicit yield (%) 4,1 5,7 6,2
Dividend yield (%) 0 0 0
Loan to value 0 0 0
SEKm 2022 2023e 2024e
Sales 692 957 1024
Other income RE 0 0 0
Operating costs -165 -219 -234
NOI 527 738 789
NOI margin (%) 76,1 77,1 77,1
Adm. costs -49 -55 -55
All other income & costs 24 16 16
Recurring EBIT 503 700 751
Net financial items RE -199 -383 -390
Income from property management 304 317 361
Value chg. realized 0 0 0
Value chg. unrealized -35 -1044 258
Value chg. derivatives 83 0 0
Pretax profit RE 324 -727 619
Deferred profit tax -3 159 -117
Current tax -8 -9 -10
Net profit RE 312 -577 491
Minority interest 0 0 0
Dividend to preferred shareholders 0 0 0
Net profit to shareholders RE 312 -577 491
Cash earnings 296 308 350
Year N/A N/A N/A
Tax Rate RE 3,6 20,6 20,6
Investments in developments -341 -518 -40
Acquisitions -1213 0 0
Other investments -147 0 0
Divestments 973 0 0
EPS 0,84 -1,56 1,33
CEPS 0,98 0,83 0,94
Dividend per share 0 0 0
Payout ratio of CEPS 0 0 0
Rental growth 144,11 38,27 6,95
NOI growth 134,53 40 6,94
CEPS growth 38,62 -15,49 13,73

Equity research

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Media

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

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Sterner Stenhus Holding AB 24.4 % 24.4 % 28 Dec 2022
Fastighets AB Balder 15.6 % 15.6 % 28 Dec 2022
Investment AB Öresund 7.3 % 7.3 % 31 Jan 2023
Länsförsäkringar Fonder 6.3 % 6.3 % 31 Dec 2022
Bo Westerberg 5.0 % 5.0 % 18 Jul 2022
FastPartner AB 2.8 % 2.8 % 28 Dec 2022
PriorNilsson Fonder 2.6 % 2.6 % 31 Dec 2022
Creades AB 2.5 % 2.5 % 31 Oct 2022
Conny Ryk 2.3 % 2.3 % 7 Nov 2022
Danske Invest 2.1 % 2.1 % 31 Dec 2022
Source: Holdings by Modular Finance AB