Solid sequential uptick in the earnings capacity
Stendörren posted Q4 NOI and recurring PTP 1% and 4% below ABGSCe, respectively, and the updated earnings capacity (rental income) increased 9.1% q-o-q, to SEK 824m vs. ABGSCe at SEK 849m in 2023e. We note that Stendörren has an NOI margin of 78.3% in the earnings capacity, -3.5pp vs. the actual NOI margin of 74.8% LTM, and 3.2pp below ABGSCe in 2023e. We fine-tune estimates for '23-'24e and CEPS is trimmed by 4-7%, low relative to the increase in e.g., STIBOR, as Stendörren has hedged a large part of its outstanding debt portfolio.
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