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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 591 643 708
Rental growth (%) 10,1 8,9 10
Net operating income 391 470 519
NOI margin (%) 66,2 73,1 73,3
CEPS Adj 4,19 6,72 7,8
CEPS Adj. growth (%) -31,7 60,3 16,1
DPS 0 0 0
EPRA NAVPS 126,72 134,71 152,31
EPS 9,52 5,58 7,02
EPS Adj 9,98 7,42 8,85
P/CEPS Adj. (x) 40,3 20,5 17,6
P/E Adj. (x) 16,9 18,5 15,5
P/EPRANAV (x) 1,33 1,02 0,9
Implicit yield (%) 4,4 4,7 4,9
div.yield (%) 0 0 0
LTV (%) 51,1 53,9 53,4
N/A N/A N/A
SEKm 2019 2020e 2021e
Rental income 591 643 708
Other income 0 0 0
Operating costs -200 -173 -189
Net operating income 391 470 519
NOI margin (%) 66,2 73,1 73,3
Value change realized 0 0 0
Value change unrealized 232 32 0
Administration costs -87 -86 -90
All other income & costs 0 0 0
EBIT 536 416 429
Net financial items -175 -143 -151
Value change derivatives 17 -11 0
Pretax profit 378 263 277
Deferred profit tax -99 -52 -22
Current tax 2 0 -4
Net profit 281 210 251
Minority interest 0 0 0
Net profit to shareholders 268 158 199
Other income statement related information 2019 2020 2021
Cash earnings 118 191 221
Tax rate (%) -25,7 -19,9 -9,4
Net investments 439 1028 905
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 9,52 5,58 7,02
CEPS 4,19 6,72 7,8
CEPS adj. 4,19 6,72 7,8
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 10,1 8,9 10
NOI growth (%) 10,3 20,2 10,4
CEPS growth (%) -31,7 60,3 16,1
CEPS adj. growth (%) -31,7 60,3 16,1
Balance Sheet 2019 2020 2021
Properties 9147 10207 11113
Deferred tax asset 0 0 0
Receivables 67 67 67
Cash and liquid assets 138 143 148
Other assets 256 279 307
Current liabilities 16 27 27
Total assets 9608 10696 11634
Shareholders equity 3840 4052 4502
Minority 0 0 0
Deferred tax 519 519 523
Interest bearing debt 5233 6098 6582
Short-term debt 0 0 0
Derivatives 16 27 27
Total liabilities and equity 9608 10696 11634
Other balance sheet related information 2019 2020 2021
Net IB debt 4678 5501 5935
Rental area m2 (000) 728 728 728
Rent per m2 812 884 972
Equity ratio (%) 40 37,9 38,7
Loan to value (%) 51,1 53,9 53,4
Net loan to value (%) 58,7 61,1 60,6
ICR real estate 2 3 3
Interest rate on debt (%) 3 3 3
Occupancy rate (%) 88 89 89
NAV per share 0 0 0
BVPS 136,38 142,81 158,68
EPRA NAV per share 126,72 134,71 152,31
Valuation 2019 2020 2021
Shares outstanding adj. 28 28 28
Share price 126,06 137,5 137,5
Market cap. (m) 3549 3901 3901
P/E 17,8 24,6 19,6
Net IB debt / share 166 194 209
P/CEPS 40,3 20,5 17,6
P/CEPS adj. 40,3 20,5 17,6
EV/EBIT 17,6 22,6 22,9
Implicit yield (%) 4,4 4,7 4,9
Yield on BV (%) 4,3 4,6 4,7
Dividend yield (%) 0 0 0
P/NAV 0 0 0
P/EPRA NAV 1,33 1,02 0,9
P/BVPS 1,24 0,96 0,87
EV/NOI 24,13 20 18,95
N/A N/A N/A

Equity research

Read earlier research

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 Oct 2020
Altira AB 10.8 % 14.8 % 31 Oct 2020
Länsförsäkringar Fonder 17.0 % 9.5 % 31 Oct 2020
SEB Fonder 7.1 % 3.9 % 31 Oct 2020
ODIN Fonder 4.7 % 2.6 % 31 Oct 2020
Carnegie Fonder 1.6 % 0.9 % 30 Sep 2020
Degroof Petercam 1.6 % 0.9 % 31 Jul 2020
Danske Invest (Lux) 1.5 % 0.8 % 31 Oct 2020
Anders Ivarsson AB 1.1 % 0.6 % 31 Oct 2020
Staffan Malmer 1.0 % 0.6 % 31 Oct 2020
Source: Holdings by Modular Finance AB

Insider list - Stendörren

Name Quantity Code Date
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
Caroline Karin Josefine Johansson Gebauer - 10 000 SELL 9 Jun 2020
Caroline Karin Josefine Johansson Gebauer + 30 000 BUY 31 May 2020
Helena Levander + 3 000 BUY 2 Apr 2020

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