Value uplifts was the primary factor pushing long-term NAVPS ~22% higher y-o-y in Q2 to SEK 159. Value uplifts (SEK 370m) were higher than any previous quarter with the exception for Q2’16, and represented 3.8% of the property value. The increased property value has also positively impacted net LTV, which fell 190 bp sequentially and 410 bp y-o-y to 47.4%. NIBD/EBIT fell to 12.7x (from 14.1x in Q1) and is now below the sector average of 12.8x.
‘22e P/NAV of 1.22x, 19% below Catena at 1.51x
With a 33% rise in the last three months, the share continued to outperform the Carnegie Real Estate Index (18%) in Q2. Among logistics peers, NP3 and Sagax have performed very similarly (34% respectively), while Catena falls short (17%). Stendörren’s ’22e P/CE of 25x is 13% above the sector average and 3% above Catena. ‘22e P/EPRA NAV of 1.22x exceeds the sector by 17% and is 19% below Catena.
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