* NOI 6.5% y-o-y, +2.0% vs ABGSCe, +1.3% vs cons.
* Value changes of +0.15% vs ABGSCe of +0.50%
* Share to trade slightly ahead of the sector today
Rec. PTP +1.5% vs ABGSCe, +0.8% vs cons
Stenhus delivered Q2 results with rental income of SEK 257m (+0.3% vs ABGSCe, -1.0% vs cons.), with an NOI margin of 80.3% (3.0pp y-o-y) driving NOI of SEK 206m (+2.0% vs ABGSCe, +1.3% vs cons.), rec. PTP of SEK 112m (+1.5% vs ABGSCe, +16.7% y-o-y), EPRA NRV p.s. of SEK 18.8 (-1.0% vs ABGSCe, +0.2% vs cons.). The economic occupancy increased by 0.1pp q-o-q to 94.7% (92.4%). Net letting amounted to SEK 2.1m (2.6), SEK -3.3m in Q1'26.
EPRA NRV p.s. of SEK 19 (-1.0% vs ABGSCe, +0.2% vs cons.)
Realised and unrealised value changes amounted to SEK 20m or +0.15%, we expected SEK 69m or +0.50%, and the average valuation yield amounted to 6.04%, flat q-o-q. Total investments in newbuilds, extensions and conversions amounted to SEK 46m (78) and SEK 197m (254) TTM. Net LTV (ABGSC definition) amounted to 56.2% (52.9%), -0.3pp q-o-q, vs ABGSCe at 56.1%. The average paid interest rate was flat q-o-q at 3.90%. The interest and capital maturity amounted to 1.3y and 2.4y, respectively, compared to 1.3y and 2.6y in Q1'26.
Consensus estimates and share price view
Outlook: Earnings capacity (EC) NOI +0.4% q-o-q, -0.6% vs ABGSCe NTM, EC IFPM +1.8% q-o-q, +5.9% vs ABGSCe NTM. IFPM per share +2.1% q-o-q. Net letting amounted to SEK 2.1m (2.6), SEK -3.3m in Q1'26. Occupancy up 0.1pp q-o-q to 94.7% (92.4%). Estimates: We expect cons to raise estimates by ~1-2%. Conclusion: Share to trade slightly ahead of the sector today. CC at 10:00 a.m. CET, link: https://www.finwire.tv/webcast/stenhus-fastigheter/q2-2026/