Stendörren: Time to be more forward-leaning - ABG

CEPS up 13% for '24e and 16% for '25e
Coop vacancy leased out in full...
...leading to a more forward-leaning Stendörren


Solid earnings capacity and hedging ratio up q-o-q

Net operating income was +2% vs. ABGSCe and income from property management (IFPM) was 3% above. The earnings capacity (NOI) increased 5% q-o-q, and for the first time, Stendörren included IFPM in its earnings capacity. Moreover, the average interest rate declined 50bp q-o-q, to 4.1%, which was driven by a lower share of bonds (SEK 1.1bn vs. SEK 1.3bn in Q3'23) and several signed interest rate derivatives (SEK 5.7bn vs. SEK 4.8bn in Q3'23). Also, Stendörren entered into interest rate swaps of SEK 1.9bn, which will start in 2025. Thus, the hedging ratio and interest maturity rose to 85% and 3.3 years, from 75% and 1.9 years, respectively, in Q3'23.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/stendorren/Equity-research/2024/3/stendorren---time-to-be-more-forward-leaning/