Stenhus Fastigheter: Top-line beat offset by higher net financials - ABG
* NOI +1% y-o-y, +2% vs ABGSCe, 0% vs cons. * Value changes of +0.1% vs ABGSCe of +0.5% * Share to trade slightly below the sector today
ANNONS
Rec. PTP -2% vs ABGSCe, -4% vs cons Stenhus delivered Q3 results with rental income of SEK 259m (+1% vs ABGSCe, +1% vs cons.), with an NOI margin of 83.2% (0.6pp y-o-y) driving NOI of SEK 216m (+2% vs ABGSCe, 0% vs cons.), rec. PTP of SEK 120m (-2% vs ABGSCe, -4% vs cons.), EPRA NRV p.s. of SEK 19.2 (0% vs ABGSCe, 0% vs cons.). The economic occupancy increased by 0.6pp q-o-q to 95.3% (92.8%). Net letting amounted to SEK 0.6m (-2.3), SEK 2.1m in Q2'26.
EPRA NRV p.s. of SEK 19 (0% vs ABGSCe, 0% vs cons.) Realised and unrealised value changes amounted to SEK 12m or +0.1%, we expected SEK 69m or +0.5%, and the average valuation yield amounted to 6.03%, -0.01pp q-o-q. Total investments in newbuilds, extensions and conversions amounted to SEK 31m (59) and SEK 182m (254) TTM. Net LTV (ABGSC definition) amounted to 55.4% (53.8%), -0.8pp q-o-q, vs ABGSCe at 55.0%. The average paid interest rate was flat q-o-q at 3.90%. The interest and capital maturity amounted to 1.0y and 2.3y, respectively, compared to 1.3y and 2.4y in Q2'26.
Consensus estimates and share price view Outlook: Earnings capacity (EC) NOI 0% q-o-q, 0% vs ABGSCe NTM, EC IFPM 0% q-o-q, +1% vs ABGSCe NTM. IFPM per share +1% q-o-q. Net letting amounted to SEK 0.6m (-2.3), SEK 2.1m in Q2'26. Occupancy up 0.6pp q-o-q to 95.3% (92.8%). Estimates: Slightly stronger top line likely to be counteracted by higher net financials, we expect cons to lower estimates by ~1-2%, Conclusion: Share to trade slightly below the sector today. CC at 10:00 a.m. CET, link: https://www.finwire.tv/webcast/stenhus-fastigheter/q3-2026/
