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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 a low operational risk and is a business concept that historically has generated very high returns. The region's growth contributes to good demand while the supply in Stockholm decreases because of refinement processes. This dynamic provides support for high rental levels and low vacancies, but also creates a long-term option on the property value. Stendörren has chosen a strategy that a maximum of 15% of the balance sheet shall consist of project properties, while at least 85% shall consist of 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 2018 2019e 2020e
Rental Income 537 615 651
Rental growth (%) 18,3 14,6 5,8
Net operating income 354 436 464
NOI margin (%) 66 70,9 71,3
CEPS Adj 6,21 7,1 7,47
CEPS Adj. growth (%) 7,9 14,2 5,2
DPS 0 0 0
EPRA NAVPS 113,47 126,34 142,3
EPS 15,16 6,82 7,18
EPS Adj 15,16 6,82 7,18
P/CEPS Adj. (x) 16,1 17,3 16,4
P/E Adj. (x) 6,6 18 17,1
P/EPRANAV (x) 0,88 0,97 0,86
Implicit yield (%) 4,4 4,6 4,5
div.yield (%) 0 0 0
LTV (%) 60,5 62,1 63,2
SEKm 2018 2019e 2020e
Rental income 537 615 651
Other income 0 0 0
Operating costs -183 -179 -187
Net operating income 354 436 464
NOI margin (%) 66 70,9 71,3
Value change realized 0 0 0
Value change unrealized 327 6 0
Administration costs -51 -66 -72
All other income & costs 0 0 0
EBIT 630 376 392
Net financial items -131 -156 -163
Value change derivatives -12 -2 0
Pretax profit 488 218 229
Deferred profit tax -68 -20 -18
Current tax -1 -10 -13
Net profit 419 188 198
Minority interest 0 0 0
Net profit to shareholders 419 188 198
Other income statement related information 2018 2019 2020
Cash earnings 172 196 206
Tax rate (%) -14,2 -13,7 -13,4
Net investments 1655 673 1266
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 15,16 6,82 7,18
CEPS 6,21 7,1 7,47
CEPS adj. 6,21 7,1 7,47
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 18,3 14,6 5,8
NOI growth (%) 11,4 23,1 6,3
CEPS growth (%) 7,9 14,2 5,2
CEPS adj. growth (%) 7,9 14,2 5,2
Balance Sheet 2018 2019 2020
Properties 8476 9155 10421
Deferred tax asset 0 0 0
Receivables 83 83 83
Cash and liquid assets 163 168 173
Other assets 13 240 254
Current liabilities 12 14 14
Total assets 8735 9646 10931
Shareholders equity 2780 3076 3425
Minority 0 0 0
Deferred tax 419 429 442
Interest bearing debt 5524 6127 7049
Short-term debt 0 0 0
Derivatives 12 14 14
Total liabilities and equity 8735 9646 10931
Other balance sheet related information 2018 2019 2020
Net IB debt 5125 5688 6590
Rental area m2 (000) 709 728 728
Rent per m2 758 846 895
Equity ratio (%) 31,8 31,9 31,3
Loan to value (%) 60,5 62,1 63,2
Net loan to value (%) 67,1 68,8 69,3
ICR real estate 2 2 2
Interest rate on debt (%) 3 3 3
Occupancy rate (%) 89,3 89,3 89,3
NAV per share 0 0 0
BVPS 100,65 111,37 124,02
EPRA NAV per share 113,47 126,34 142,3
Valuation 2018 2019 2020
Shares outstanding adj. 28 28 28
Share price 84,79 122,5 122,5
Market cap. (m) 2342 3383 3383
P/E 6,6 18 17,1
Net IB debt / share 186 206 239
P/CEPS 16,1 17,3 16,4
P/CEPS adj. 16,1 17,3 16,4
EV/EBIT 12,5 24,1 25,4
Implicit yield (%) 4,4 4,6 4,5
Yield on BV (%) 4,2 4,8 4,5
Dividend yield (%) 0 0 0
P/NAV N/A N/A N/A
P/EPRA NAV 0,88 0,97 0,86
P/BVPS 0,99 1,1 0,99
EV/NOI 22,25 20,79 21,5

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Main shareholders

Stendörren

Main shareholders Share capital % Voting shares % Verified
EQT 40.7 % 58.1 % 30 Apr 2019
Altira AB 10.3 % 14.6 % 31 Dec 2018
Länsförsäkringar Fonder 15.8 % 8.8 % 30 Apr 2019
SEB Fonder 6.7 % 3.7 % 31 Mar 2019
ODIN Fonder 2.8 % 1.6 % 31 Mar 2019
Humle Fonder 2.6 % 1.5 % 30 Apr 2019
Degroof Petercam 1.9 % 1.1 % 31 Jan 2019
Anders Ivarsson AB 1.6 % 0.9 % 30 Apr 2019
Danske Invest Fonder 1.1 % 0.6 % 30 Apr 2019
Bodil Warmland 1.0 % 0.6 % 30 Apr 2019
Source: Holdings by Modular Finance AB

Insider list

Stendörren

Name Quantity Code Date
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
Maria- Mastej - 41 500 SELL 19 Mar 2019
Carl Johan Magnus Sundell - 150 000 SELL 19 Mar 2019
Hans Erik Runesten - 90 000 SELL 16 Jan 2019
Kvalitena AB (publ) - 380 750 SELL 3 Dec 2018
Knut Pousette + 277 200 BUY 3 Dec 2018
Hans Fredrik Sebastian Brodin + 3 974 TECKN 6 Sep 2018
Frej Adolph + 3 974 TECKN 6 Sep 2018

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