We initiate coverage of Stenhus, a property company focused on high-yield assets, with an equity value range of SEK 14-16 (midpoint: SEK 15)...
* Accretive SBBs set to continue in H1'26 * Room for M&A to drive earnings growth * 2026e P/CEPS 11x vs.
* NOI +8.2% y-o-y, +4.0% vs ABGSCe, +0.9% vs cons. * Value changes of +0.
* Room for M&A to drive earnings growth * Funding costs are coming down significantly * 2026e P/CEPS 10x vs.
* Strong NOI margin behind rec. PTP +1% vs ABGSCe * Cons to raise estimates (rec.
* Net acquistions in H2'25 * Buy-backs supportive for the share * 2025e P/CEPS 11x vs.
* Stable occupancy and positive net letting * Cons to lower estimates (rec.
NOI estimates up by 3-4%, CEPS slightly negative Near-term focus on consolidation P/CEPS ~13x vs sector-average of ~18x Project completions...
First take on Q4 figures Stenhus delivered a Q4 report with rental income of SEK 235m (+113% y-o-y, +9% vs ABGSCe).
