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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 2020 2021e 2022e
Rental Income 652 678 740
Rental growth (%) 10,3 4 9,1
Net operating income 481 497 543
NOI margin (%) 73,8 73,3 73,4
CEPS Adj 7,05 7,53 8,62
CEPS Adj. growth (%) 68,2 6,8 14,4
DPS 0 0 0
EPRA NAVPS 136,59 153,3 171,91
EPS 7,08 4,77 5,54
EPS Adj 8,92 6,61 7,37
P/CEPS Adj. (x) 21,6 18,8 16,4
P/E Adj. (x) 17,1 21,4 19,2
P/EPRANAV (x) 1,12 0,92 0,82
Implicit yield (%) 5,2 5 5,2
div.yield (%) 0 0 0
LTV (%) 49,7 50,3 50,4
N/A N/A N/A
SEKm 2020 2021e 2022e
Rental income 652 678 740
Other income 0 0 0
Operating costs -171 -181 -197
Net operating income 481 497 543
NOI margin (%) 73,8 73,3 73,4
Value change realized 0 0 0
Value change unrealized 98 0 0
Administration costs -87 -86 -93
All other income & costs 0 0 0
EBIT 492 410 450
Net financial items -142 -141 -149
Value change derivatives -10 0 0
Pretax profit 340 270 301
Deferred profit tax -86 -78 -87
Current tax -1 -4 -5
Net profit 253 187 209
Minority interest 0 0 0
Net profit to shareholders 201 135 157
Other income statement related information 2020 2021 2022
Cash earnings 200 214 244
Tax rate (%) -25,6 -30,5 -30,6
Net investments 288 888 911
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 7,08 4,77 5,54
CEPS 7,05 7,53 8,62
CEPS adj. 7,05 7,53 8,62
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 10,3 4 9,1
NOI growth (%) 23 3,3 9,3
CEPS growth (%) 68,2 6,8 14,4
CEPS adj. growth (%) 68,2 6,8 14,4
Balance Sheet 2020 2021 2022
Properties 9533 10421 11332
Deferred tax asset 0 0 0
Receivables 95 95 95
Cash and liquid assets 361 366 371
Other assets 244 254 277
Current liabilities -10 -10 -10
Total assets 10233 11136 12075
Shareholders equity 4053 4426 4839
Minority 0 0 0
Deferred tax 613 617 622
Interest bearing debt 5577 6103 6624
Short-term debt 0 0 0
Derivatives -10 -10 -10
Total liabilities and equity 10233 11136 12075
Other balance sheet related information 2020 2021 2022
Net IB debt 4738 5240 5711
Rental area m2 (000) 748 748 748
Rent per m2 872 906 989
Equity ratio (%) 39,6 39,7 40,1
Loan to value (%) 49,7 50,3 50,4
Net loan to value (%) 62,3 62,1 61,7
ICR real estate 3 3 3
Interest rate on debt (%) 3 3 3
Occupancy rate (%) 87 87 87
NAV per share 0 0 0
BVPS 142,85 156,01 170,55
EPRA NAV per share 136,59 153,3 171,91
Valuation 2020 2021 2022
Shares outstanding adj. 28 28 28
Share price 130,24 141,5 141,5
Market cap. (m) 3695 4015 4015
P/E 21,5 29,6 25,6
Net IB debt / share 167 185 201
P/CEPS 21,6 18,8 16,4
P/CEPS adj. 21,6 18,8 16,4
EV/EBIT 18,4 22,6 21,6
Implicit yield (%) 5,2 5 5,2
Yield on BV (%) 5 4,8 4,8
Dividend yield (%) 0 0 0
P/NAV 0 0 0
P/EPRA NAV 1,12 0,92 0,82
P/BVPS 1,07 0,91 0,83
EV/NOI 18,85 18,63 17,91
N/A N/A N/A

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 40.6 % 58.1 % 31 Jan 2021
Altira AB 10.8 % 14.8 % 31 Jan 2021
Länsförsäkringar Fonder 16.3 % 9.1 % 31 Jan 2021
SEB Fonder 8.3 % 4.6 % 31 Jan 2021
ODIN Fonder 4.2 % 2.4 % 31 Jan 2021
Tredje AP-fonden 2.6 % 1.5 % 31 Jan 2021
Carnegie Fonder 1.6 % 0.9 % 31 Jan 2021
Anders Ivarsson AB 1.1 % 0.6 % 31 Jan 2021
Staffan Malmer 1.1 % 0.6 % 31 Jan 2021
Bodil Warmland 0.9 % 0.5 % 31 Jan 2021
Source: Holdings by Modular Finance AB

Insider list - Stendörren

Name Quantity Code Date
Maria Jonsson + 150 BUY 15 Jan 2021
Maria Jonsson + 650 BUY 15 Jan 2021
Maria Jonsson + 650 BUY 15 Jan 2021
Anders Nilsson + 95 000 ALTM 16 Nov 2020
Lars Johan Malmberg + 1 500 BUY 13 Nov 2020
Lars Johan Malmberg + 10 000 ALTM 13 Nov 2020
Per-Henrik Karlsson + 5 000 ALTM 12 Nov 2020
Erik Ranje + 100 000 BUY 11 Nov 2020
Caroline Karin Josefine Johansson Gebauer - 7 500 SELL 14 Sep 2020
Caroline Karin Josefine Johansson Gebauer - 5 000 SELL 10 Jun 2020

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