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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 537 626 662
Rental growth (%) 18,3 16,6 5,7
Net operating income 354 437 465
NOI margin (%) 66 69,8 70,3
CEPS Adj 6,21 7,27 7,66
CEPS Adj. growth (%) 7,9 17 5,5
DPS 0 0 0
EPRA NAVPS 113,47 128,23 144,41
EPS 15,16 6,62 7
EPS Adj 15,16 6,62 7
P/CEPS Adj. (x) 16,1 15,3 14,5
P/E Adj. (x) 6,6 16,8 15,9
P/EPRANAV (x) 0,88 0,87 0,77
Implicit yield (%) 4,4 4,8 4,6
div.yield (%) 0 0 0
LTV (%) 60,5 59,3 60,5
SEKm 2018 2019e 2020e
Rental income 537 626 662
Other income 0 0 0
Operating costs -183 -189 -197
Net operating income 354 437 465
NOI margin (%) 66 69,8 70,3
Value change realized 0 0 0
Value change unrealized 327 0 0
Administration costs -51 -72 -75
All other income & costs 0 0 0
EBIT 630 365 391
Net financial items -131 -142 -160
Value change derivatives -12 0 0
Pretax profit 488 223 230
Deferred profit tax -68 -18 -18
Current tax -1 -22 -18
Net profit 419 183 193
Minority interest 0 0 0
Net profit to shareholders 419 183 193
Other income statement related information 2018 2019 2020
Cash earnings 172 201 212
Tax rate (%) -14,2 -18 -16
Net investments 1655 716 1267
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 15,16 6,62 7
CEPS 6,21 7,27 7,66
CEPS adj. 6,21 7,27 7,66
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 18,3 16,6 5,7
NOI growth (%) 11,4 23,3 6,4
CEPS growth (%) 7,9 17 5,5
CEPS adj. growth (%) 7,9 17 5,5
Balance Sheet 2018 2019 2020
Properties 8476 9192 10459
Deferred tax asset 0 0 0
Receivables 83 83 83
Cash and liquid assets 163 168 173
Other assets 13 15 16
Current liabilities 12 12 12
Total assets 8735 9458 10731
Shareholders equity 2780 3112 3466
Minority 0 0 0
Deferred tax 419 441 460
Interest bearing debt 5524 5893 6793
Short-term debt 0 0 0
Derivatives 12 12 12
Total liabilities and equity 8735 9458 10731
Other balance sheet related information 2018 2019 2020
Net IB debt 5125 5450 6329
Rental area m2 (000) 709 728 728
Rent per m2 758 861 910
Equity ratio (%) 31,8 32,9 32,3
Loan to value (%) 60,5 59,3 60,5
Net loan to value (%) 67,1 65,9 66,6
ICR real estate 2 3 2
Interest rate on debt (%) 3 3 3
Occupancy rate (%) 89,3 89,3 89,3
NAV per share 0 0 0
BVPS 100,65 112,66 125,5
EPRA NAV per share 113,47 128,23 144,41
Valuation 2018 2019 2020
Shares outstanding adj. 28 28 28
Share price 84,79 111 111
Market cap. (m) 2342 3066 3066
P/E 6,6 16,8 15,9
Net IB debt / share 186 197 229
P/CEPS 16,1 15,3 14,5
P/CEPS adj. 16,1 15,3 14,5
EV/EBIT 12,5 23,3 24,1
Implicit yield (%) 4,4 4,8 4,6
Yield on BV (%) 4,2 4,8 4,4
Dividend yield (%) 0 0 0
P/NAV N/A N/A N/A
P/EPRA NAV 0,88 0,87 0,77
P/BVPS 0,99 0,99 0,88
EV/NOI 22,25 19,48 20,19

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Main shareholders

Stendörren

Main shareholders Share capital % Voting shares % Verified
EQT 40.7 % 58.1 % 28 Feb 2019
Altira AB 10.3 % 14.6 % 31 Dec 2018
Länsförsäkringar Fonder 15.8 % 8.8 % 28 Feb 2019
SEB Fonder 6.7 % 3.7 % 31 Jan 2019
Humle Fonder 2.6 % 1.5 % 28 Feb 2019
ODIN Fonder 2.6 % 1.4 % 28 Feb 2019
Anders Ivarsson AB 2.4 % 1.3 % 28 Feb 2019
Fredrik Brodin 2.3 % 1.3 % 31 Jan 2019
Degroof Petercam 1.5 % 0.8 % 30 Nov 2018
Skagen Fonder 1.3 % 0.7 % 28 Feb 2019
Source: Holdings by Modular Finance AB

Insider list

Stendörren

Name Quantity Code Date
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
Carl Johan Magnus Sundell + 3 974 TECKN 5 Sep 2018
Johan Bråkenhielm + 3 974 TECKN 4 Sep 2018
Caroline Karin Josefine Johansson Gebauer + 3 974 TECKN 4 Sep 2018
Caroline Karin Josefine Johansson Gebauer + 3 974 TECKN 4 Sep 2018
Caroline Karin Josefine Johansson Gebauer + 3 974 TECKN 4 Sep 2018

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