* 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% vs ABGSCe, +1.0% vs cons.), with an NOI margin of 74.7% (1.5pp y-o-y) driving NOI of SEK 196m (+3.4% vs ABGSCe, +1.3% vs cons.), rec. PTP of SEK 111m (+13.6% vs ABGSCe, +9.4% vs cons.), EPRA NRV p.s. of SEK 18.7 (+1.8% vs ABGSCe, +1.4% vs cons.). Central administration costs was slightly lower than we expect while net financials was in-line. IFPM contribution from JVs was stronger due to higher ownership in Krona Public Real Estate. The economic occupancy was flat q-o-q at 94.6%. Net letting amounted to SEK -3.3m (1.2), SEK 1.7m in Q4'25.
EPRA NRV p.s. of SEK 19 (+1.8% vs ABGSCe, +1.4% vs cons.)
Realised and unrealised value changes amounted to SEK 35m or +0.25%, we expected SEK 70m or +0.51%, and the average valuation yield amounted to 6.04%, -0.04pp q-o-q. Total investments in newbuilds, extensions and conversions amounted to SEK 38m (79) and SEK 229m (239) TTM. Net LTV (ABGSC definition) amounted to 56.6% (53.8%), 2.3pp q-o-q, vs ABGSCe at 54.5%. The average paid interest rate increased by 0.1pp q-o-q to 3.90% (4.20%). The interest and capital maturity amounted to 1.3y and 2.6y, respectively, compared to 1.4y and 2.7y in Q4'25.
Consensus estimates and share price view
Outlook: Earnings capacity (EC) NOI +0.4% q-o-q, -0.2% vs ABGSCe NTM, EC IFPM +0.4% q-o-q, +1.6% vs ABGSCe NTM. IFPM per share +6.9% q-o-q. Net letting amounted to SEK -3.3m (1.2), SEK 1.7m in Q4'25. Occupancy flat q-o-q at +94.6% (92.8%). Estimates: We expect cons to raise estimates by 1-2%. Conclusion: Share to trade slightly ahead of the today.