Stendörren: Miss should not be fully extrapolated - ABG
Dette er en ekstern analyse og afspejler ikke nødvendigvis vores perspektiv eller værdier.
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.
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.