Analyser av Stendörren Fastigheter

Stendörren: Sector-high growth in 2025e - ABG

CEPS up 3% for '25e and 7% for '26e Three solid growth drivers in place Trading below sector average Solid earnings capacity and estimates ...

ABG Sundal Collier • 22 Oct 07:28

Stendörren: Positive message for 2025 - ABG

NOI increased 6% y-o-y, +4% vs. ABGSCe Value changes 0.

ABG Sundal Collier • 21 Oct 08:48

Stendörren: Turnaround to growth is in motion - ABG

Rec. PTP beat on NOI-margins and hedging Expect call of hybrid bonds in September Report leads us to reverse part of '24e CEPS cuts Higher ...

ABG Sundal Collier • 22 Aug 07:31

Stendörren: Rec PTP beat and positive value changes - ABG

- Rec. PTP +9% vs. ABGSCe - Value changes positive, first time since Q4'22 - Earnings capacity IFPM +4% on lower net interest Beat on operat...

ABG Sundal Collier • 19 Jul 08:56

Stendörren: Sector-high earnings growth - ABG

CEPS miss on one-off tax item Halving hybrid leads to higher CEPS '24e-'26e CEPS CAGR of ~14% vs sector at ~9% Divestment triggered one-off...

ABG Sundal Collier • 22 May 07:29

Stendörren: Divestments drive down LTV and EC - ABG

~4% miss on NOI adj. for one-off LTV down 50 bps q-o-q to 53% Earnings capacity -4% due to divestments Figures include positive one-off of ...

ABG Sundal Collier • 03 May 09:50

Stendörren: Time to be more forward-leaning - ABG

CEPS up 13% for '24e and 16% for '25e Coop vacancy leased out in full.

ABG Sundal Collier • 07 Mar 07:30

Stendörren: 2024 earnings capacity 10% above ABGSCe - ABG

NOI increased 20% y-o-y, +2% vs. ABGSCe Value changes -0.

ABG Sundal Collier • 23 Feb 09:08

Stendörren: Solid combo of cash flow and projects - ABG

Ongoing projects proceeding well... ...while Coop termination weighs in the short term ~20% below NAV vs.

ABG Sundal Collier • 16 Nov 2023 09:15

Stendörren: Solid NOI margin, net interest miss - ABG

NOI increased 21% y-o-y, +2% vs. ABGSCe Value changes -1.

ABG Sundal Collier • 08 Nov 2023 08:31

Stendörren: Solid project execution - ABG

- Operational metrics continue to improve - Executing on its project potential - Bond maturities in 2024 and 2025 Record-high occupancy rate...

ABG Sundal Collier • 20 Jul 2023 16:30

Stendörren: Occupancy up and positive net leasing - ABG

• NOI increased 28% y-o-y, +6% vs. ABGSCe • Value changes -1.

ABG Sundal Collier • 20 Jul 2023 08:40

Stendörren: Occupancy and margins up ~7-9pp since 2019 - ABG

Q1 NOI beat drives estimates higher Another report with strong operational performance Relatively sizeable bond maturities in 2024 and 2025 ...

ABG Sundal Collier • 08 May 2023 08:37

Stendörren: Strong occupancy trend continues - ABG

NOI increased 22% y-o-y, +7% vs. ABGSCe Basically no property value changes Earnings capacity (NOI) +3.

ABG Sundal Collier • 05 May 2023 09:00

Stendörren: Diverse routes to growth - ABG

Hedged against further rate hikes Plenty of project completions in 2023 Sector-high earnings growth in '23-'25e Solid sequential uptick in ...

ABG Sundal Collier • 28 Feb 2023 14:38

Stendörren - Operational momentum continues - ABG

Recurring PTP SEK 55m vs ABGSCe at SEK 57m Q4'22: Rental income SEK 192m (1% vs ABGSCe 189m), NOI 136m (-1% vs ABGSCe 137m), Recurring PTP 5...

ABG Sundal Collier • 22 Feb 2023 09:09

Stendörren: Q3 weaker than expected - ABG

NOI increased 13% y-o-y, -1% vs. ABGSCe Value gains of 0.

ABG Sundal Collier • 08 Nov 2022 08:07

Stendörren: All stars aligned - ABG

Well-shielded from high inflation and interest rates Tenants still able to withstand large rent hikes Trading ~35% below logistics/industr...

ABG Sundal Collier • 06 Oct 2022 07:50

Stendörren: Many positives to highlight - ABG

Rental income up 1-2% from projects & M&A Ample firepower: SEK 1bn of available liquidity Trading below peers on both NAV and IFPM Progre...

ABG Sundal Collier • 25 Jul 2022 08:33

Stendörren: High net leasing and IFPM 5% above our est - ABG

Net operating income -1% vs. ABGSCe Net leasing SEK 17m (-4m) and 62m TTM (18m) Now 20% below peers on P/IFPM Income from property manageme...

ABG Sundal Collier • 20 Jul 2022 08:51

Stendörren: We expect strong newsflow - ABG

Letting holds up – and 20% rental uplifts are encouraging Expected property value decline drives EPRA NRV lower Potential index inclusion: c...

ABG Sundal Collier • 17 Jun 2022 07:48

Stendörren: Internal growth focus bears fruit - ABG

Positive occupancy and NOI margin trend Balance sheet supports further growth New fair value range due to lower peer multiples Confirmed st...

ABG Sundal Collier • 09 May 2022 22:51

Stendörren: Several operational improvements - ABG

Better occ. rate and 20% rent increase on renegotiations Average valuation yield of 5.

ABG Sundal Collier • 06 May 2022 08:53

Stendörren: ESG profile - ABG

ESG activities In 2022, the company renewed its sustainability strategy and will in the forthcoming years focus on: operational excellence, ...

ABG Sundal Collier • 05 May 2022 09:47

Stendörren: Positive results from the portfolio overview - ABG

Recurring PTP of SEK 70m, 8% above ABGSCe Rental income was SEK 160m in Q2, in line with ABGSCe.

ABG/Introduce • 22 Jul 2021 07:58

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