Stendoerren Fastigheter Ab Class B · OMXSTO:STEF_B
Stendoerren Fastigheter Ab Class B — Stendörren Fastigheter — Investor Presentation (November 2018)
28 slides from Stendoerren Fastigheter Ab Class B's investor presentation, Nov 8, 2018
Slide 1: Presentation Kempen
8 NOVEMBER 2018 PRESENTATION KEMPEN
Slide 2: Agenda
AGENDA PART 1 – COMPANY PRESENTATION & BUSINESS RATIONALE PART 2 – FINANCIAL REPORT JAN - SEP 2018 PART 3 – CONTINUED GROWTH 2 PRESENTATION STENDÖRREN | NOVEMBER 8, 2018
Slide 3: Part 1 Company Presentation & Business Rationale
PART 1 COMPANY PRESENTATION & BUSINESS RATIONALE
Slide 4: Business Idea Overall
COMPANY PRESENTATION & BUSINESS RATIONALE BUSINESS IDEA AND OBJECTIVES BUSINESS IDEA Stendörren Fastigheter creates long- term growth and value creation by OVERALL acquiring, developing and managing properties within the greater Stock- holm region, with focus on the seg- OBJECTIVES FINANCIAL ments w
Slide 5: History in Short
PROPERTY VALUE Q2 2018 6,9 BN PROPERTY VALUE2017 102 PROPERTIES HISTORY IN SHORT PROPERTY VALUE 2016 6,5 BN SNAPSHOT OF STENDÖRREN 5,8 BN 100 PROPERTIES 95 PROPERTIES 2018 NS PROPERTY VALUE 2015 ILLIO B S 10 4,9 BN TOW ARD 81 2017 PROPERTIES The company’s share PROPERTY VALUE 2014 was listed at Nasd
Slide 6: Organisation - Created for Growth
COMPANY PRESENTATION & BUSINESS RATIONALE ORGANISATION - CREATED FOR GROWTH 43 CO-WORKERS ”Having staff in-house helps us create longterm relationships with our tenants” 6 PRESENTATION STENDÖRREN | NOVEMBER 8, 2018
Slide 7: 4 Good Reasons to Own a Stendörren Share
4 GOOD REASONS TO OWN A STENDÖRREN SHARE 1. STABLE CASH FLOW 2. SUSTAINABLE GROWTH Stendörrens property base is primarily Stendörren is actice in the strong growth made up by logistics-/warehouse pro- markets of Greater Stockholm and Mä- perties or multi-tenanted light industrial lardalen regions. S
Slide 8: 1 Stable Cash Flow
1 STABLE CASH FLOW 4 GOOD REASONS TO OWN A STENDÖRREN SHARE # OF TENANTS PER PROPERTY FÖRDELNING UTHYRBARYTA GEOGRAFISK FÖRDELNING LETTABLE SPACE GEOGRAPHICAL TYPES, BY AREA SPLIT, BY RENTAL INCOME TENANTS/PROPERTY 1 TENANT, 22 % FÖRDELNING UTHYRBARYTA GEOGRAFISK FÖRDELNING 2–5 TENANTS, 40% 6–10 TEN
Slide 9: 2 Good Growth
2 GOOD GROWTH UPPSALA 4 GOOD REASONS TO OWN A STENDÖRREN SHARE ENKÖPING 85% WITHIN GREATER STOCKHOLM REGION VÄSTERÅS STORSTOCKHOLM UPPSALA VÄSTERÅS ESKILSTUNA STOCKHOLM SÖDERTÄLJE KILSTUNA STOCKHOLM WHY STOCKHOLM? SÖDERTÄLJE • Stockholm continuously growing fast. • Forecasted population growth about
Slide 10: 3 Value Growth Through Project Development
3 VALUE GROWTH THROUGH PROJECT DEVELOPMENT 4 GOOD REASONS TO OWN A STENDÖRREN SHARE PROJECT PROPERTIES 15% CASH FLOW GENERATED BALANCE SHEET 85% ”OUR PORTFOLIO OF CASH FLOW YIELDING PROPERTIES CAN SUPPORT A PROJECT PORTFOLIO OF AT LEAST 15% OF THE TOTAL PROPERTY VALUE” BENEFITS • Having a project ma
Slide 11: 3 Value Growth in Project
3 VALUE GROWTH IN PROJECT 4 GOOD REASONS TO OWN A STENDÖRREN SHARE LARGE PROJECTS ARE BRANDED SICKLA SICKLA SICKLA SICKLA SICKLA SICKLA SICKLA SICKLA 11 PRESENTATION STENDÖRREN | NOVEMBER 8, 2018 P INT P INTNAC HANINGE
Slide 12: 4 High and Safe Return
4 HIGH AND SAFE RETURN UPPSALA 4 GOOD REASONS TO OWN A STENDÖRREN SHARE ENKÖPING 85% WITHIN GREATER STOCKHOLM REGION VÄSTERÅS STORSTOCKHOLM UPPSALA VÄSTERÅS ESKILSTUNA STOCKHOLM SÖDERTÄLJE KILSTUNA STOCKHOLM GREATER STOCKHOM OFFER SÖDERTÄLJE • Focus on Stockholm with the highest and most sustainable
Slide 13: Part 2 Financial Performance Jan-Jun 2018
PART 2 FINANCIAL PERFORMANCE JAN-JUN 2018
Slide 14: Financial Report Jan - Jun 2018
FINANCIAL REPORT JAN - JUN 2018 NET OPERATING INCOME: 166 MSEK KEY METRICS LTV: NET PROFIT: 57 % RENTAL VALUE: 175 MSEK PROPERTY VALUE: EQUITY RATIO: 249 MSEK 6 868 MSEK LETTABLE AREA: 35 % 613 000 M 2 14 PRESENTATION STENDÖRREN | NOVEMBER 8, 2018
Slide 15: Financial Report Jan - Jun 2018: Key Metrics
10 10 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2016 2017 2018 50 50 FINANCIAL REPORT JAN - JUN 2018 40 40 3,0 3,0 2,5 2,5 KEY 30 METRICS 30 2,0 2,0 20 20 20% 2,5x 35% 1,5 1,5 10 10 1,0 1,0 0 0,5 0 0,5 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 20
Slide 16: Second Quarter 2018: Result of the Period
SECOND QUARTER 2018 RESULT OF THE PERIOD Property SEKm Rental value Vacancy expenses Central admin Financing costValue changes Tax Net Income 300 250 28 277 200 83 22 150 NOI 166 34 120 100 55 175 INCOME FROM 50 PROP. MGMNT. 77 0 RENTAL VACANCY PROPERTY CENTRAL FINANCING VALUE TAXES NET VALUE EXPENS
Slide 17: Second Quarter 2018: Portfolio Build Up
SECOND QUARTER 2018 PORTFOLIO BUILD UP - ACTUALS 6,0% YIELD EXCL. PROJECT PROPERTIES 12 M.AVG SEKm 7 7000 6000 6 5000 5 4000 4 Q3 3000 3 5,2% Q2 YIELD 12 M.AVG 2000 2 ALL PROPERTIES 1000 1 Q2 0 0 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 Q1 YIELD EXCL PROJECT PROPERTIES, 12M AVG, % YIELD, 12M
Slide 18: Second Quarter 2018: Growing Property Portfolio
SECOND QUARTER 2018 KEY METRICS GROWING PROPERTY PORTFOLIO PROPERTY VALUE LETTABLE AREA SEKm ’000 sq m 7000 700 Q4 Q4 6000 560 Q3 Q3 5000 420 Q2 Q2 Q1 Q1 4000 280 3000 140 2000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2015 2016 2017 2018 2015 2016 2017 20
Slide 19: Second Quarter 2018: Debt Service Capacity
SECOND QUARTER 2018 KEY METRICS DEBT SERVICE CAPACITY NET OPERATING INCOME, MSEK INTEREST COVERAGE RATIO SEKm 1) 100 400 3,00 Q4 75 300 2,25 Q3 Q2 1,50 50 200 Q1 25 100 0,75 0 0,00 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2015 2016 2017 2018 2015 2016 2017 2
Slide 20: Second Quarter 2018: Solid Balance Sheet
SECOND QUARTER 2018 KEY METRICS SOLID BALANCE SHEET EQUITY VALUE / EQUITY RATIO LOAN TO VALUE % SEKm % 100 2600 40 Q4 Q4 Q3 1950 30 75 Q3 Q2 Q2 1300 20 50 Q1 Q1 650 25 10 0 0 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2015 2016 2017 2018 2015 2016 2017 2018 EQUIT
Slide 21: Share Value and Key Equity Ratios
SECOND QUARTER 2018 SHARE VALUE AND KEY EQUITY RATIOS SEKm % 2700 100 Q4RATIOS KEY EQUITY JAN–JUN JAN–JUN 2018 2017 2250 80 Q3 SHARE PRICE, SEK 86,0 68,5 EQUITY PER SHARE, SEK 90,0 76,3 1800 60 EPRA NNNAVQ2 PER SHARE, SEK 93,7 77,6 CASHFLOW PER SHARE, SEK 11,89 3,94 1350 Q1 MARKET CAP, MSEK 2 421 1
Slide 22: Debt Funding Overview
FINANCIAL REPORT JAN - JUN 2018 DEBT FUNDING OVERVIEW KAPITAL- STRUKTUR BANKLÅN INTEREST- AND DEBT MATURITIES SEKm 2500 2000 1500 DISTRIBUTION OF DEBT 1000 - 4 145 MSEK 500 0 2018 2019 2020 2021 2022 <2022 SELLERS NOTES 1% BOND 26% TOTAL DEBT MATURITY (average debt maturity 2,7 years) SENIOR DEBT, 7
Slide 23: Events After Q2
EVENTS AFTER Q2 • Substantial growth in property value • Substantial growth of income from property management • Shareholders not dilluted ACQUISITIONS AFTER FINANCIAL EVENTS AFTER Q2 Q2 2018 Q2 TOTAL PROPERTY VALUE 6868 988 7856 RENTAL INCOME, ANNUAL 489 80 569 PROPERTY EXPENSES, ANNUAL -152 -22 -1
Slide 24: Part 3 Continued Growth
PART 3 CONTINUED GROWTH
Slide 25: Continued Growth: Continued Focus
CONTINUED GROWTH CONTINUED FOCUS RATIONALE • Continued expansion in grea- ter Stockholm and Mälardalen. • Continued focus on strong cash flow. • Development properties with focus on customer relations. • Strengthen our position as an important actor in a growing region. • Create value by being profe
Slide 26: Future Green Logistics Center
CONTINUED GROWTH FUTURE GREEN LOGISTICS CENTER ON THE WAY TO FUTURE SUSTAINABLE LOGISTICS Operational facilities with opportunity for high techno- logy and automatizations Strategically placed with own rail connection Good public transport by bus and commuter train High transhipment capacity, high s
Slide 27: Nasdaq Stockholm, Mid Cap: Benefits for Stendörren
CONTINUED GROWTH NASDAQ STOCKHOLM, MID CAP BENIFITS FOR STENDÖRREN • Improved share analyses • Better financing terms • Broadened share ownership • Increased access to capital market • Increased share liquidity 27 PRESENTATION STENDÖRREN | NOVEMBER 8, 2018
Slide 28: Contacts and Calendar
CONTACTS: CALENDER: FREDRIK BRODIN, CEO MAGNUS SUNDELL, CFO Q3 REPORT 16 NOV, 2018 fredrik.brodin@stendorren.se magnus.sundell@stendorren.se Q4 REPORT 22 Feb, 2019 08 - 518 331 01 08 - 518 331 02
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