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Stendörren

Stendörren

Expansive real estate company with Stockholm in focus

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.

Owning logistics, warehouse and industrial properties in Stockholm with relatively high yields means low operational risk, and is a business concept that has generated very high historical returns. Regional growth contributes to good demand while the supply in Stockholm decreases on refinement processes. This dynamic supports high rental levels and low vacancies, but also creates a long-term option on the property value. Stendörren's strategy holds that a maximum of 15% of the balance sheet shall consist of project properties with 85% allocated to cash flow properties.

Stendörren is relatively small compared to peers and the tenant risk is quite high. Moreover, the company has a promising project portfolio, with its crown jewel being Greenhub Bro. Even though risk/reward seems great we acknowledge that the overall risk in Stendörren gets bigger with more focus on property development.

SEKm 2019 2020e 2021e
Rental Income 591 641 695
Rental growth (%) 10,1 8,5 8,3
Net operating income 397 458 497
NOI margin (%) 67,2 71,4 71,5
CEPS Adj 4,96 7,08 7,87
CEPS Adj. growth (%) -20,2 42,7 11,2
DPS 0 0 0
EPRA NAVPS 126,72 143,24 161,39
EPS 10,39 6,51 7,23
EPS Adj 10,39 6,51 7,23
P/CEPS Adj. (x) 34,1 13,2 11,9
P/E Adj. (x) 16,3 14,4 12,9
P/EPRANAV (x) 1,33 0,65 0,58
Implicit yield (%) 4,5 5,2 5,3
div.yield (%) 0 0 0
LTV (%) 51,1 53,6 53,6
SEKm 2019 2020e 2021e
Rental income 591 641 695
Other income 0 0 0
Operating costs -194 -184 -198
Net operating income 397 458 497
NOI margin (%) 67,2 71,4 71,5
Value change realized 0 0 0
Value change unrealized 232 0 0
Administration costs -87 -87 -91
All other income & costs 0 0 0
EBIT 542 371 406
Net financial items -175 -175 -184
Value change derivatives 17 0 0
Pretax profit 384 196 221
Deferred profit tax -99 -16 -18
Current tax 2 0 -4
Net profit 287 180 200
Minority interest 0 0 0
Net profit to shareholders 287 180 200
Other income statement related information 2019 2020 2021
Cash earnings 137 196 217
Tax rate (%) -25,3 -8 -9,8
Net investments 439 1289 911
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 10,39 6,51 7,23
CEPS 4,96 7,08 7,87
CEPS adj. 4,96 7,08 7,87
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 10,1 8,5 8,3
NOI growth (%) 12 15,3 8,5
CEPS growth (%) -20,2 42,7 11,2
CEPS adj. growth (%) -20,2 42,7 11,2
Balance Sheet 2019 2020 2021
Properties 9147 10436 11347
Deferred tax asset 0 0 0
Receivables 67 67 67
Cash and liquid assets 138 143 148
Other assets 256 278 301
Current liabilities 16 16 16
Total assets 9608 10924 11862
Shareholders equity 3840 4198 4601
Minority 0 0 0
Deferred tax 519 519 523
Interest bearing debt 5233 6190 6722
Short-term debt 0 0 0
Derivatives 16 16 16
Total liabilities and equity 9608 10924 11862
Other balance sheet related information 2019 2020 2021
Net IB debt 4678 5595 6084
Rental area m2 (000) 728 728 728
Rent per m2 812 881 954
Equity ratio (%) 40 38,4 38,8
Loan to value (%) 51,1 53,6 53,6
Net loan to value (%) 58,7 60,7 60,5
ICR real estate 2 2 2
Interest rate on debt (%) 3 3 3
Occupancy rate (%) 88 88 88
NAV per share 0 0 0
BVPS 139,03 152 166,6
EPRA NAV per share 126,72 143,24 161,39
Valuation 2019 2020 2021
Shares outstanding adj. 28 28 28
Share price 126,06 93,6 93,6
Market cap. (m) 3482 2585 2585
P/E 16,3 14,4 12,9
Net IB debt / share 169 203 220
P/CEPS 34,1 13,2 11,9
P/CEPS adj. 34,1 13,2 11,9
EV/EBIT 17,2 22,1 21,4
Implicit yield (%) 4,5 5,2 5,3
Yield on BV (%) 4,3 4,4 4,4
Dividend yield (%) 0 0 0
P/NAV N/A N/A N/A
P/EPRA NAV 1,33 0,65 0,58
P/BVPS 1,22 0,62 0,56
EV/NOI 23,54 17,87 17,45

Equity research

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Media

Stendörren - Company presentation with CEO Mikael Nicander & CFO Magnus Sundell (in Swedish)
Stendörren - Interview with CEO Mikael Nicander (in Swedish)

Main shareholders - Stendörren

Main shareholders Share capital % Voting shares % Verified
EQT 40.7 % 58.1 % 29 Feb 2020
Altira AB 10.3 % 14.6 % 29 Feb 2020
Länsförsäkringar Fonder 15.8 % 8.8 % 29 Feb 2020
SEB Fonder 6.4 % 3.6 % 29 Feb 2020
ODIN Fonder 4.5 % 2.5 % 29 Feb 2020
Humle Fonder 2.3 % 1.3 % 29 Feb 2020
Degroof Petercam 2.2 % 1.2 % 31 Dec 2019
Anders Ivarsson AB 1.6 % 0.9 % 29 Feb 2020
Carnegie Fonder 1.6 % 0.9 % 29 Feb 2020
Skagen Fonder 1.3 % 0.7 % 29 Feb 2020
Source: Holdings by Modular Finance AB

Insider list - Stendörren

Name Quantity Code Date
Helena Levander + 3 000 BUY 2 Apr 2020
Carl Mörk + 150 000 BUY 24 Mar 2020
Carl Johan Magnus Sundell - 3 000 SELL 19 Dec 2019
Carl Johan Magnus Sundell - 14 000 SELL 30 Sep 2019
Carl Johan Magnus Sundell - 1 000 SELL 20 Aug 2019
Carl Johan Magnus Sundell - 8 000 SELL 13 Jun 2019
Johan Bråkenhielm - 5 210 SELL 11 Jun 2019
Johan Bråkenhielm - 12 290 SELL 10 May 2019
Carl Johan Magnus Sundell - 7 292 SELL 3 Apr 2019
Maria Mastej - 4 500 SELL 27 Mar 2019

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