80% interest hedged for 3 years With Stibor 3M up >20bps in three days and 150bps since April (now ~1.5%), 80% of Stendörren’s outstanding debt is interest rate-hedged, with a majority (67%) capped at 1.8%. In addition, since most of these hedges were done in Q4’21, it results in a solid average interest maturity of ~3 years. The loan maturity (3.2y) improved from 2.3y q-o-q on the refinancing of existing properties, which has freed up more liquidity. With ~SEK 0.5bn in cash and an unutilised credit facility of ~SEK 0.5bn, it could expand by ~SEK 2.5bn without impairing its current equity ratio. CEPS ests. are down on higher interest rates, while ’22 EPRA NRV is up on updated project info. (incl. the tenant adjustment announced in May).
~50% NAV discount to peers The share is trading at 0.91x reported P/EPRA NRV, 7% below its 5y average and ~50% below the average of peers CATE, NP3, SAGA and SLP. P/IFPM is at ~20x - 9% below its 5y average and ~20% below peers. However, a P/IFPM comparison fails to account for Stendörren’s non-yielding pro ... Läs mer på ABG Sundal Collier
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