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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 591 640 700
Rental growth (%) 10,1 8,3 9,3
Net operating income 391 464 507
NOI margin (%) 66,2 72,4 72,5
CEPS Adj 4,19 6,7 7,63
CEPS Adj. growth (%) -31,7 59,9 13,8
DPS 0 0 0
EPRA NAVPS 126,72 134,23 151,65
EPS 9,52 5,81 6,86
EPS Adj 9,98 7,64 8,69
P/CEPS Adj. (x) 40,3 19,9 17,5
P/E Adj. (x) 16,9 17,5 15,4
P/EPRANAV (x) 1,33 0,99 0,88
Implicit yield (%) 4,4 4,7 4,9
div.yield (%) 0 0 0
LTV (%) 51,1 53,8 53,4
N/A N/A N/A
SEKm 2019 2020e 2021e
Rental income 591 640 700
Other income 0 0 0
Operating costs -200 -177 -193
Net operating income 391 464 507
NOI margin (%) 66,2 72,4 72,5
Value change realized 0 0 0
Value change unrealized 232 20 0
Administration costs -87 -78 -80
All other income & costs 0 0 0
EBIT 536 406 427
Net financial items -175 -145 -155
Value change derivatives 17 -11 0
Pretax profit 378 250 272
Deferred profit tax -99 -33 -22
Current tax 2 0 -4
Net profit 281 217 247
Minority interest 0 0 0
Net profit to shareholders 268 165 195
Other income statement related information 2019 2020 2021
Cash earnings 118 190 216
Tax rate (%) -25,7 -13,4 -9,5
Net investments 439 1041 905
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 9,52 5,81 6,86
CEPS 4,19 6,7 7,63
CEPS adj. 4,19 6,7 7,63
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 10,1 8,3 9,3
NOI growth (%) 10,3 18,6 9,5
CEPS growth (%) -31,7 59,9 13,8
CEPS adj. growth (%) -31,7 59,9 13,8
Balance Sheet 2019 2020 2021
Properties 9147 10208 11113
Deferred tax asset 0 0 0
Receivables 67 67 67
Cash and liquid assets 138 143 148
Other assets 256 277 303
Current liabilities 16 27 27
Total assets 9608 10695 11631
Shareholders equity 3840 4058 4504
Minority 0 0 0
Deferred tax 519 519 523
Interest bearing debt 5233 6091 6577
Short-term debt 0 0 0
Derivatives 16 27 27
Total liabilities and equity 9608 10695 11631
Other balance sheet related information 2019 2020 2021
Net IB debt 4678 5496 5935
Rental area m2 (000) 728 728 728
Rent per m2 812 880 962
Equity ratio (%) 40 37,9 38,7
Loan to value (%) 51,1 53,8 53,4
Net loan to value (%) 58,7 61,1 60,5
ICR real estate 2 3 3
Interest rate on debt (%) 3 3 3
Occupancy rate (%) 88 88 88
NAV per share 0 0 0
BVPS 136,38 143,04 158,75
EPRA NAV per share 126,72 134,23 151,65
Valuation 2019 2020 2021
Shares outstanding adj. 28 28 28
Share price 126,06 133,5 133,5
Market cap. (m) 3549 3788 3788
P/E 17,8 23 19,5
Net IB debt / share 166 194 209
P/CEPS 40,3 19,9 17,5
P/CEPS adj. 40,3 19,9 17,5
EV/EBIT 17,6 22,9 22,8
Implicit yield (%) 4,4 4,7 4,9
Yield on BV (%) 4,3 4,5 4,6
Dividend yield (%) 0 0 0
P/NAV 0 0 0
P/EPRA NAV 1,33 0,99 0,88
P/BVPS 1,24 0,93 0,84
EV/NOI 24,13 20,03 19,16
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 Aug 2020
Altira AB 10.8 % 14.8 % 31 Aug 2020
Länsförsäkringar Fonder 15.7 % 8.8 % 31 Aug 2020
SEB Fonder 6.8 % 3.8 % 31 Aug 2020
ODIN Fonder 4.7 % 2.6 % 31 Aug 2020
Humle Fonder 2.2 % 1.3 % 31 Aug 2020
Carnegie Fonder 1.6 % 0.9 % 31 Jul 2020
Degroof Petercam 1.6 % 0.9 % 31 May 2020
Anders Ivarsson AB 1.6 % 0.9 % 31 Aug 2020
Danske Invest (Lux) 1.3 % 0.7 % 31 Aug 2020
Source: Holdings by Modular Finance AB

Insider list - Stendörren

Name Quantity Code Date
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
Carl Mörk + 150 000 BUY 24 Mar 2020
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

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