* EC IFPM p.s. +7% q-o-q * Renewed mandate for 10% SBBs * 2026e P/CEPS 10x vs.
We raise 2026E-28E CEPS by 3-5% and our fair value range to SEK 14-17 (13-15) after a stellar Q1, including 34% y/y PFPM/share growth (10pp ...
We raise 2026E-28E CEPS by 3-4% and our fair value range to SEK 14-17 (13-15) after a stellar Q1, including 34% y/y PFPM/share growth (10pp ...
* NOI 5% y-o-y, +3.4% vs ABGSCe, +1.3% vs cons. * Value changes of +0.
Q1 looks solid, with a 9% PFPM beat versus consensus, positive value changes (0.
We expect PFPM/share growth of 17% y/y in Q1, driven by higher NOI, lower financial expenses, and buy-backs.
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).
