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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 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 2019 2020e 2021e
Rental Income 611 647 700
Rental growth (%) 13,9 5,8 8,2
Net operating income 427 460 499
NOI margin (%) 69,8 71,2 71,3
CEPS Adj 6,85 7,32 8,02
CEPS Adj. growth (%) 10,3 6,9 9,5
DPS 0 0 0
EPRA NAVPS 127,52 143,42 162,86
EPS 8,2 6,7 7,34
EPS Adj 8,2 6,7 7,34
P/CEPS Adj. (x) 24,9 23,3 21,3
P/E Adj. (x) 20,8 25,5 23,2
P/EPRANAV (x) 1,34 1,19 1,05
Implicit yield (%) 4,4 3,9 4,1
div.yield (%) 0 0 0
LTV (%) 61,9 63,1 62,2
SEKm 2019 2020e 2021e
Rental income 611 647 700
Other income 0 0 0
Operating costs -184 -187 -201
Net operating income 427 460 499
NOI margin (%) 69,8 71,2 71,3
Value change realized 0 0 0
Value change unrealized 81 0 0
Administration costs -74 -75 -81
All other income & costs 0 0 0
EBIT 434 385 418
Net financial items -162 -170 -182
Value change derivatives -2 0 0
Pretax profit 270 215 236
Deferred profit tax -42 -17 -19
Current tax -2 -13 -14
Net profit 227 185 203
Minority interest 0 0 0
Net profit to shareholders 227 185 203
Other income statement related information 2019 2020 2021
Cash earnings 189 202 221
Tax rate (%) -16,1 -14 -14
Net investments 705 1268 940
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 8,2 6,7 7,34
CEPS 6,85 7,32 8,02
CEPS adj. 6,85 7,32 8,02
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 13,9 5,8 8,2
NOI growth (%) 20,5 7,8 8,4
CEPS growth (%) 10,3 6,9 9,5
CEPS adj. growth (%) 10,3 6,9 9,5
Balance Sheet 2019 2020 2021
Properties 9262 10530 11470
Deferred tax asset 0 0 0
Receivables 83 83 83
Cash and liquid assets 168 173 178
Other assets 240 254 274
Current liabilities 14 14 14
Total assets 9753 11040 12005
Shareholders equity 3147 3494 3923
Minority 0 0 0
Deferred tax 421 434 448
Interest bearing debt 6171 7098 7621
Short-term debt 0 0 0
Derivatives 14 14 14
Total liabilities and equity 9753 11040 12005
Other balance sheet related information 2019 2020 2021
Net IB debt 5734 6641 7135
Rental area m2 (000) 728 728 728
Rent per m2 840 889 961
Equity ratio (%) 32,3 31,7 32,7
Loan to value (%) 61,9 63,1 62,2
Net loan to value (%) 68,4 69 68
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 113,93 126,51 142,03
EPRA NAV per share 127,52 143,42 162,86
Valuation 2019 2020 2021
Shares outstanding adj. 28 28 28
Share price 126,06 170,5 170,5
Market cap. (m) 3482 4709 4709
P/E 20,8 25,5 23,2
Net IB debt / share 208 240 258
P/CEPS 24,9 23,3 21,3
P/CEPS adj. 24,9 23,3 21,3
EV/EBIT 24,1 29,5 28,4
Implicit yield (%) 4,4 3,9 4,1
Yield on BV (%) 4,6 4,4 4,4
Dividend yield (%) 0 0 0
P/NAV N/A N/A N/A
P/EPRA NAV 1,34 1,19 1,05
P/BVPS 1,5 1,35 1,2
EV/NOI 24,46 24,66 23,74

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 % 31 Dec 2019
Altira AB 10.3 % 14.6 % 31 Dec 2019
Länsförsäkringar Fonder 15.8 % 8.8 % 31 Dec 2019
SEB Fonder 6.4 % 3.6 % 31 Dec 2019
ODIN Fonder 4.0 % 2.2 % 31 Dec 2019
Humle Fonder 2.3 % 1.3 % 31 Dec 2019
Degroof Petercam 2.2 % 1.2 % 30 Sep 2019
Anders Ivarsson AB 1.6 % 0.9 % 31 Dec 2019
Carnegie Fonder 1.3 % 0.7 % 31 Dec 2019
Skagen Fonder 1.3 % 0.7 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Stendörren

Name Quantity Code Date
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
Carl Johan Magnus Sundell - 150 000 SELL 19 Mar 2019
Maria- Mastej - 41 500 SELL 19 Mar 2019

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