Property value changes in the quarter amounted to -SEK 306m (-2.1% of property value), compared to our estimate of -SEK 301m (-2.1%). The valuation yield expanded by 25 bps q-o-q to 5.6%. This took the EPRA NRV per share to SEK 17.1 (+1% vs ABGSCe at SEK 17.1). Net LTV (ABGSC definition) now amounts to 55.8%, +1.5 pp q-o-q and +0.8 pp vs ABGSCe. The interest- and capital maturity amounts to 1.1 and 3.5 years, respectively, compared to Q3'22 at 0.9 and 3.6 years. The average interest rate increased ~60 bps q-o-q to 4.12%.
Great properties, time to clear refinancing
Compared to most peers, Stenhus has a longer WAULT (6.2 years), higher NOI margin (78.5% in EC), higher property valuation yield (5.6%) and strong tenants (e.g. Willys, City gross, municipalities). In addition, we like the segment exposure (~40% light industrial, ~20% groceries, ~20% public). The share is trading at a 2023e P/CEPS of ~13x (sector average at ~18.5x), and we believe that some investors fear the upcoming refinancing (existing bridge facility and bonds). Once that is cleared, it's easier to look ahead and appreciate the operational exposure, in our view.
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