Stenhus Fastigheter i Norden

* NOI 5% y-o-y, +3.4% vs ABGSCe, +1.3% vs cons. * Value changes of +0.25% vs ABGSCe of +0.51% * Share to outperform the sector slightly today Rec. PTP +13.6% vs ABGSCe, +9.4% vs cons Stenhus delivered Q1 results with rental income of SEK 263m (+2.8% ...

* Accretive SBBs set to continue in H1'26 * Room for M&A to drive earnings growth * 2026e P/CEPS 11x vs. coverage average of 15x Q4 stronger than expected Q4 NOI was 4% ahead of our estimate and 1% ahead of Factset cons., with a stronger top line countered...

* NOI +8.2% y-o-y, +4.0% vs ABGSCe, +0.9% vs cons. * Value changes of +0.22% vs ABGSCe of +0.50% * Share to trade 0-+2% vs. the sector today Rec. PTP +10.5% vs ABGSCe, +40.1% y-o-y Stenhus delivered Q4 results with rental income of SEK 271m (+6.9% vs...

* Room for M&A to drive earnings growth* Funding costs are coming down significantly* 2026e P/CEPS 10x vs. coverage average of 15xSolid operational performance in Q3Stenhus delivered solid Q3 results with rental income 2% ahead of our estimate, while...

* Strong NOI margin behind rec. PTP +1% vs ABGSCe* Cons to raise estimates (rec. PTP) by ~5%* Share to trade ahead of the real estate sector todayQ3 NOI +3% vs ABGSCeStenhus delivered a Q3 report with rental income of SEK 258m (+2% vs ABGSCe of SEK 252m...

* Net acquistions in H2'25* Buy-backs supportive for the share* 2025e P/CEPS 11x vs. coverage average of 17xSlightly higher costs weigh on Q2 resultsStenhus delivered Q2 results with rental income of SEK 251m, in line with our forecast, while the NOI...

* Stable occupancy and positive net letting* Cons to lower estimates (rec. PTP) by ~2%* Share to trade broadly in-line with the real estate sector todayQ2 NOI -2% vs ABGSCeStenhus delivered a Q2 report with rental income of SEK 251m (0% vs ABGSCe of ...

NOI estimates up by 3-4%, CEPS slightly negative Near-term focus on consolidation P/CEPS ~13x vs sector-average of ~18x Project completions and CPI generate solid growth in 2023 Stenhus delivered Q4 NOI +4% vs ABGSCe. Moreover, net interest was lower...

First take on Q4 figures Stenhus delivered a Q4 report with rental income of SEK 235m (+113% y-o-y, +9% vs ABGSCe). The NOI margin during the quarter was 71.5% (-6.9 pp y-o-y, -4.5 pp vs ABGSCe) which took the NOI to SEK 168m (+3% vs ABGSCe). Central...