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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 652 672 736
Rental growth (%) 10,3 3,1 9,4
Net operating income 481 488 545
NOI margin (%) 73,8 72,6 74,1
CEPS Adj 7,08 6,91 8,5
CEPS Adj. growth (%) 69 -2,5 23
DPS 0 0 0
EPRA NAVPS 136,59 157,29 175,74
EPS 7,12 10,34 6,63
EPS Adj 8,95 12,17 8,47
P/CEPS Adj. (x) 21,5 26,2 21,3
P/E Adj. (x) 17 14,9 21,4
P/EPRANAV (x) 1,12 1,15 1,03
Implicit yield (%) 5,2 4,5 4,8
div.yield (%) 0 0 0
LTV (%) 49,7 49 49
SEKm 2020 2021e 2022e
Rental income 652 672 736
Other income 0 0 0
Operating costs -171 -184 -190
Net operating income 481 488 545
NOI margin (%) 73,8 72,6 74,1
Value change realized 0 0 0
Value change unrealized 98 169 0
Administration costs -87 -83 -93
All other income & costs 0 0 0
EBIT 492 574 453
Net financial items -141 -154 -160
Value change derivatives -10 5 0
Pretax profit 341 425 293
Deferred profit tax -86 -77 -53
Current tax -1 -3 0
Net profit 254 345 240
Minority interest 0 0 0
Net profit to shareholders 202 293 188
Other income statement related information 2020 2021 2022
Cash earnings 201 196 241
Tax rate (%) -25,5 -18,8 -18,1
Net investments 288 672 909
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 7,12 10,34 6,63
CEPS 7,08 6,91 8,5
CEPS adj. 7,08 6,91 8,5
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 10,3 3,1 9,4
NOI growth (%) 23 1,5 11,7
CEPS growth (%) 69 -2,5 23
CEPS adj. growth (%) 69 -2,5 23
Balance Sheet 2020 2021 2022
Properties 9533 10374 11283
Deferred tax asset 0 0 0
Receivables 95 95 95
Cash and liquid assets 361 366 371
Other assets 244 252 275
Current liabilities -10 -15 -15
Total assets 10233 11086 12024
Shareholders equity 4053 4547 4990
Minority 0 0 0
Deferred tax 613 616 616
Interest bearing debt 5577 5938 6434
Short-term debt 0 0 0
Derivatives -10 -15 -15
Total liabilities and equity 10233 11086 12024
Other balance sheet related information 2020 2021 2022
Net IB debt 4738 5079 5523
Rental area m2 (000) 748 748 748
Rent per m2 872 899 984
Equity ratio (%) 39,6 41 41,5
Loan to value (%) 49,7 49 49
Net loan to value (%) 62,3 60,8 60,3
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 142,85 160,27 175,86
EPRA NAV per share 136,59 157,29 175,74
Valuation 2020 2021 2022
Shares outstanding adj. 28 28 28
Share price 130,24 180,8 180,8
Market cap. (m) 3695 5130 5130
P/E 21,4 17,5 27,3
Net IB debt / share 167 179 195
P/CEPS 21,5 26,2 21,3
P/CEPS adj. 21,5 26,2 21,3
EV/EBIT 18,4 17,8 23,5
Implicit yield (%) 5,2 4,5 4,8
Yield on BV (%) 5 4,7 4,8
Dividend yield (%) 0 0 0
P/NAV 0 0 0
P/EPRA NAV 1,12 1,15 1,03
P/BVPS 1,07 1,13 1,03
EV/NOI 18,85 20,9 19,53

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 % 30 Apr 2021
Altira AB 10.8 % 14.8 % 30 Apr 2021
Länsförsäkringar Fonder 15.9 % 8.9 % 31 Mar 2021
SEB Fonder 8.4 % 4.7 % 30 Apr 2021
ODIN Fonder 3.3 % 1.8 % 30 Apr 2021
Carnegie Fonder 3.3 % 1.8 % 30 Apr 2021
Tredje AP-fonden 2.6 % 1.5 % 30 Apr 2021
Futur Pension 1.0 % 0.6 % 30 Apr 2021
Staffan Malmer 1.0 % 0.5 % 30 Apr 2021
Bodil Warmland 0.9 % 0.5 % 30 Apr 2021
Source: Holdings by Modular Finance AB

Insider list - Stendörren

Name Quantity Code Date
Lars Johan Malmberg + 1 250 BUY 6 Apr 2021
Lars Johan Malmberg + 250 BUY 6 Apr 2021
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

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