Stenhus Fastigheter: Beat on stronger top-line, outlook neutral - ABG
* NOI +8.2% y-o-y, +4.0% vs ABGSCe, +0.9% vs cons. * Value changes of +0.22% vs ABGSCe of +0.50% * Share to trade 0-+2% vs. the sector today
ANNONS
Rec. PTP +10.5% vs ABGSCe, +40.1% y-o-y
Stenhus delivered Q4 results with rental income of SEK 271m (+6.9% vs ABGSCe, +4.5% vs cons.), with an NOI margin of +76.1% (-1.6pp y-o-y) driving NOI of SEK 206m (+4.0% vs ABGSCe, +0.9% vs cons.), rec. PTP of SEK 103m (+10.5% vs ABGSCe, +40.1% y-o-y), EPRA NRV p.s. of SEK 18 (+1.8% vs ABGSCe, +0.6% vs cons.). Dividend proposal of SEK 0.28 per share (0.20), +40.0% vs ABGSCe at SEK 0.20, +40.0% vs cons at SEK 0.20, +40.0% y-o-y. The economic occupancy increased by 1.8pp q-o-q to 94.6% (93.0%). Net letting amounted to SEK 1.7m vs. SEK -2.3m in Q3'25.
EPRA NRV p.s. of SEK 18 (+1.8% vs ABGSCe, +0.6% vs cons.)
Realised and unrealised value changes amounted to SEK 30m or +0.22%, we expected SEK 69m or +0.50%, and the average valuation yield amounted to 6.08%, -0.05pp q-o-q. Total investments in newbuilds, extensions and conversions amounted to SEK 54m (57) and SEK 270m (217) TTM. Net LTV (ABGSC definition) amounted to 54.2% (53.5%), 0.5pp q-o-q, vs ABGSCe at 53.1%. The average paid interest rate decreased by -0.1pp q-o-q to 3.80%. The interest and capital maturity amounted to 1.4y and 2.7y, respectively, compared to 1.3y and 2.5y in Q3'25.
Consensus estimates and share price view
Outlook: Earnings capacity (EC) NOI -0.1% q-o-q, +0.1% vs ABGSCe NTM, EC IFPM -1.3% q-o-q, +1.3% vs ABGSCe NTM. IFPM per share +0.5% q-o-q. Net letting amounted to SEK 1.7m (0), SEK -2.3m in Q3'25. Occupancy up 1.8pp q-o-q to 94.6% (93.0%). Estimates: We expect cons. to keep estimates unchanged on the back of this report driven by the neutral earnings capacity. Conclusion: Share to trade 0-+2% vs. the sector today.
