Bildkälla: Stockfoto

Stendörren: Divestments drive down LTV and EC - ABG

~4% miss on NOI adj. for one-off
LTV down 50 bps q-o-q to 53%
Earnings capacity -4% due to divestments


Figures include positive one-off of ~SEK 7-8m

Stendörren reported Q1'24 total income of SEK 231m (2.6% vs ABGSCe 225m), which includes other income of SEK 7-8m mostly pertaining to one-off income from an insurance payment. NOI came in at SEK 168m (in line vs ABGSCe 168m), while CEPS of SEK 1.72 constituted a -16% miss vs ABGSCe 2.06, driven by higher-than-expected current tax of SEK -16m (ABGSCe -5m and +1 in Q1'23). Rec. PTP / IFPM amounted to SEK 79 vs ABGSCe at SEK 78m, although came in -7-8% vs ABGSCe adjusted for the previously mentioned one-off.
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