Stenhus Fastigheter i Norden

* EC IFPM p.s. +7% q-o-q * Renewed mandate for 10% SBBs * 2026e P/CEPS 10x vs. coverage average of 15x Q1 beat on stronger top line Stenhus delivered Q1 results with rec. PTP 14% ahead of our forecast and 9% ahead of Infront consensus, driven by a stronger...

* 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...