We initiate coverage of Stenhus, a property company focused on high-yield assets, with an equity value range of SEK 14-16 (midpoint: SEK 15). With an attractive cash flow profile, supported by a wide yield gap, combined with a shareholder-friendly focus on optimal capital allocation, including buy-backs, we see potential for above-sector CEPS growth (9% 2025-28E CAGR, sector at 4%). Stenhus trades at 10.8x 2026E CEPS (LTM sector median: 16.0x).
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