Expansive real estate company with Stockholm in focus

Stendörren

Stendörren is a small, but expansive property company focusing on commercial properties, primarily light industry and warehouses in the Stockholm region and Mälardalen. The portfolio originates from Kvalitena AB, founded in the mid-1990s. Stendörren has a real estate portfolio of around 100 properties, or 600,000 rentable sqm, mainly located in the municipalities of: Stockholm, Upplands Bro, Järfälla, Botkyrka and Enköping.

Financials

Stendörren

SEKm 2017 2018 2019
Rental Income 454 532 641
Rental growth (%) 3,2 17,2 20,5
Net operating income 318 371 449
NOI margin (%) 70 69,8 70,1
CEPS Adj 5,76 5,74 6,45
CEPS Adj. growth (%) 42 -0,2 12,3
DPS 2,24 2,34 2,44
EPRA NAVPS 98,2 110,32 120,82
EPS 14,37 9,02 5,87
EPS Adj 14,37 9,02 5,87
P/CEPS Adj. (x) 11,8 16 14,2
P/E Adj. (x) 4,7 10,2 15,6
P/EPRANAV (x) 0,69 0,83 0,76
Implicit yield (%) 5,3 4,5 5,2
div.yield (%) 3,3 2,5 2,7
LTV (%) 56,6 63,1 61,9

Main shareholders

Stendörren

Main shareholders Share capital % Voting shares %
Kvalitena 20.1 % 37.8 %
Altira AB 10.3 % 14.6 %
Johan Thorell 2.2 % 10.1 %
Länsförsäkringar Fonder 9.6 % 5.3 %
Avanza Pension 6.7 % 3.7 %
SEB Fonder 6.1 % 3.4 %
Staffan Rasjö 3.6 % 2.0 %
Humle Fonder 3.0 % 1.7 %
Anders Ivarsson Aktiebolag 2.4 % 1.3 %
Fredrik Brodin 2.3 % 1.3 %