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 2018 2019 2020
Rental Income 528 604 652
Rental growth (%) 16,3 14,5 7,8
Net operating income 363 425 460
NOI margin (%) 68,8 70,4 70,6
CEPS Adj 6,63 7,06 7,43
CEPS Adj. growth (%) 15,1 6,5 5,3
DPS 2,6 2,8 3
EPRA NAVPS 114,51 126,15 138,83
EPS 13,66 6,43 6,77
EPS Adj 13,66 6,43 6,77
P/CEPS Adj. (x) 15,2 14,2 13,5
P/E Adj. (x) 7,4 15,6 14,8
P/EPRANAV (x) 0,88 0,8 0,72
Implicit yield (%) 4,5 4,9 4,8
div.yield (%) 2,6 2,8 3
LTV (%) 61,3 60,3 61,4

Main shareholders

Stendörren

Main shareholders Share capital % Voting shares % Verified
Stendörren Real Estate AB 39.0 % 57.2 % 31 Dec 2018
Altira AB 10.3 % 14.6 % 31 Dec 2018
Länsförsäkringar Fonder 12.5 % 7.0 % 31 Dec 2018
SEB Fonder 6.7 % 3.7 % 31 Dec 2018
Humle Fonder 3.0 % 1.7 % 31 Dec 2018
Anders Ivarsson AB 2.4 % 1.3 % 31 Dec 2018
Fredrik Brodin 2.3 % 1.3 % 31 Dec 2018
ODIN Fonder 1.9 % 1.1 % 31 Dec 2018
Danske Invest Fonder 1.3 % 0.7 % 31 Dec 2018
Degroof Petercam 1.3 % 0.7 % 30 Sep 2018
Source: Holdings by Modular Finance AB

Insider list

Stendörren

Name
Hans Erik Runesten
Kvalitena AB (publ)
Knut Pousette
Hans Fredrik Sebastian Brodin
Frej Adolph
Carl Johan Magnus Sundell
Johan Bråkenhielm
Caroline Karin Josefine Johansson Gebauer
Caroline Karin Josefine Johansson Gebauer
Caroline Karin Josefine Johansson Gebauer
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