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Third party research

Stendörren: Miss should not be fully extrapolated - ABG

Stendörren Fastigheter

This is a third party research report and does not necessarily reflect our views or values

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Rec. PTP adj. -13% vs ABGSCe
Financial net impacted by one-offs
Cons to lower rec. PTP by ~2%


Rec. PTP adj. -13% vs ABGSCe

Stendörren delivered a Q4 report with total income of SEK 237m (0% vs ABGSCe at SEK 237m, and 14% y-o-y), NOI of SEK 182m (-3% vs ABGSCe at SEK 188m, and 12% y-o-y). The NOI margin amounted to 76.8%, -2.4pp vs ABGSCe at 79.1%, and -1.6pp y-o-y, impacted by higher-than-expected maintenance costs. Adjusted net interest was higher-than-expected (SEK -96m vs. ABGSCe at -84m), we have spoken to management and have the impression it is impacted by one-offs of SEK ~6.5m, related to redemption of the hybrid bond. Leading to rec. PTP adj. of SEK 72m (-13 vs ABGSCe at SEK 82m). Looking at the earnings capacity the miss on financial net should not be fully extrapolated and rental income should come up somewhat.
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