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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 2025 2026e 2027e
Rental income N/A N/A N/A
Sales 1035,95 1032,32 1046,57
Rental growth 2,39 -0,35 1,38
NOI 800,5 811,28 825,37
NOI margin (%) 77,3 78,6 78,9
CEPS 0,98 1,2 1,17
CEPS growth (%) N/A N/A N/A
CEPS growth 36,11 22,83 -3,05
DPS N/A N/A N/A
Dividend per share 0,28 0,3 0,32
EPRA NRV per share 17,74 19,87 21,58
EPS 1,06 1,91 1,76
EPS adj. 0 0 N/A
P/CEPS 12,1 9,9 10,2
P/E (x) 11,24 6,23 6,75
P/EPRA NRV 0,67 0,6 0,55
Implicit yield (%) 6,7 6,9 7
Dividend yield (%) 2,4 2,5 2,7
Net loan to value 54,23 54,72 52,27
LTV (%) 0 N/A N/A
SEKm 2025 2026e 2027e
Rental income N/A N/A N/A
Sales 1035,95 1032,32 1046,57
Other income N/A N/A N/A
Other income RE 0 0 0
Operating costs -235 -221 -221
NOI 800,5 811,28 825,37
NOI margin (%) 77,3 78,6 78,9
Adm. costs -69 -65 -66
All other income & costs 49 60 22
Recurring EBIT 744 772 782
Net financial items N/A N/A N/A
Net financial items RE -341 -326 -352
Income from property management 403 446 429
Value chg. realized 0 0 0
Value chg. unrealized 104 243 282
Value chg. derivatives -16 47 0
Pretax profit N/A N/A N/A
Pretax profit RE 528 770 711
Deferred tax N/A N/A N/A
Deferred profit tax -106 -92 -83
Current tax -42 -40 -38
Net profit N/A N/A N/A
Net profit RE 380 639 590
Minority interest -3 0 0
Div. Pref/D-shares and hybrids N/A N/A N/A
Dividend to preferred shareholders 0 0 0
Net profit to shareholders N/A N/A N/A
Net profit to shareholders RE 377 639 590
Cash earnings 357 406 391
Other related information N/A N/A N/A
Year N/A N/A N/A
Tax Rate (%) N/A N/A N/A
Tax Rate RE 28 17,1 17,1
Investments in developments -270 -152 -155
Acquisitions -720 -15 0
Other investments -112 -42 0
Divestments 749 4 0
EPS 1,06 1,91 1,76
CEPS 0,98 1,2 1,17
Dividend per share 0,28 0,3 0,32
Payout ratio of CEPS 28,55 24,9 27,4
Rental growth 2,39 -0,35 1,38
NOI growth 2,17 1,35 1,74
CEPS growth 36,11 22,83 -3,05

Equity research

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Media

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

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Main shareholders - Stenhus Fastigheter

Main shareholders Share capital % Voting shares % Verified
Sterner Stenhus Holding AB 27.1 % 27.1 % 30 Apr 2026
Fastighets AB Balder 26.1 % 26.1 % 30 Apr 2026
Investment AB Öresund 9.9 % 9.9 % 30 Apr 2026
FastPartner AB 3.1 % 3.1 % 28 Apr 2026
Länsförsäkringar Fonder 2.8 % 2.8 % 30 Apr 2026
First Fondene 2.4 % 2.4 % 28 Apr 2026
Anna Engebretsen 2.3 % 2.3 % 28 Apr 2026
Avanza Pension 1.9 % 1.9 % 28 Apr 2026
Nordnet Pensionsförsäkring 1.8 % 1.8 % 28 Apr 2026
Eva Qviberg 1.7 % 1.7 % 28 Apr 2026
Source: Holdings by Modular Finance AB