Stendoerren Fastigheter Ab Class B · OMXSTO:STEF_B
Stendoerren Fastigheter Ab Class B — Stendörren Fastigheter — Pareto Securities Nordic Corporate Bond Conference 2017
30 slides from Stendoerren Fastigheter Ab Class B's conference presentation, Mar 7, 2017
Slide 1: Pareto Securities Nordic Corporate Bond Conference
MARCH 7, 2017 PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE
Slide 2: Agenda
AGENDA PART 1 – STENDÖRREN FASTIGHETER PART 2 – MARKET DATA PART 3 – GROWTH PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE | MARCH 7, 2017
Slide 3: Part 1 Stendörren Fastigheter
PART 1 STENDÖRREN FASTIGHETER
Slide 4: Business idea and objectives
STENDÖRREN FASTIGHETER BUSINESS IDEA AND OBJECTIVES BUSINESS IDEA Stendörren Fastigheter creates long-term growth and value creation by acquiring, developing and managing properties within the greater Stockholm region, with focus on the segments warehouse and light industrial. OVERALL OBJECTIVES Ste
Slide 5: Property portfolio
STENDÖRREN FASTIGHETER PROPERTY PORTFOLIO Uppsala 80% WITHIN THE GREATER STOCKHOLM REGION Enköping Västerås Storstockholm Eskilstuna Stockholm Södertälje Flen Nynäshamn PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE | MARCH 7, 2017
Slide 6: Organisation created for growth
”HAVING STAFF IN-HOUSE STENDÖRREN FASTIGHETER HELPS US CREATE LONG- TERM RELATIONSHIPS WITH OUR TENANTS AND ORGANISATION - CREATED FOR GROWTH ENSURES THE DELIVERY” 30 BOARD CEO co-workers MANAGEMENT TEAM MARKETING AND LEASING DEPARTMENT PROPERTY DEPARTMENT FINANCIAL DEPARTMENT PROJECT MANAGEMENT ASS
Slide 7: 2014 - 2016
STENDÖRREN FASTIGHETER 2014 - 2016 Q4 2016 Q4 2015 Q2 2015 Q3 2014 Market value, MSEK 5 817 4 889 4 428 1 962 No. properties 95 81 75 27 Lettable area, sq m 612 000 585 000 544 000 252 000 NOI running 12m*, MSEK 316 302 - 307 280 135 Equity, MSEK 2 054 1 489 1 284 724 Senior debt, MSEK 2 653 2 621 2
Slide 8: Financial report: property portfolio distribution and top 10 tenants
FÖRDELNING UTHYRBARYTA GEOGRAFISK F COOP Sverige Fastigheter AB, 12 % Silex Microsystems AB, 5 % Finisar Sweden AB, 3 % FINANCIAL REPORT Exploria AB, 2 % DHL Exel Supply Chain (SWE) AB, 2 % PROPERTY PORTFOLIO FÖRDELNING UTHYRBARYTA GEOGRAPHICAL GEOGRAFISK FÖRDELNING Åtta.45 Tryckeri AB, 2 % DISTRIBU
Slide 9: Project development
STENDÖRREN FASTIGHETER PROJECT DEVELOPMENT - APPROX. 520 MSEK ”OUR PORTFOLIO OF CASH FLOW YIELDING PROPERTIES CAN SUPPORT A PROJECT 10 % FÖRDELNING UTHYRBARYTA GEOGRAFISK FÖRDELNING FÖRDELNING UTHYRBARYTA GEOGRAFISK FÖRDELNING PORTFOLIO OF BETWEEN 60 % 5 - 15% OF TOTAL PORTFOLIO VALUE” DISTRIBUTION
Slide 10: Key property ratios
STENDÖRREN FASTIGHETER KEY PROPERTY RATIOS JAN–DEC JAN–DEC 2016 2015 Lettable area, ’000 sq m 612 585 No. of properties 95 81 Market value, MSEK 5 817 4 889 Occupancy*, % 92 91 Economic occupancy*, % 92 91 Yield running 12m, % 5,7 6,2 Lease duration, years 5,1 5,0 Average rent, SEK/sq m 799 805 *The
Slide 11: Income build-up Q1 - Q4 2016
STENDÖRREN FASTIGHETER INCOME BUILD-UP Q1 - Q4 2016 Rental value Vacancy Property expenses Central admin Financing costs Value changes Taxes Net income 800 700 600 136 500 607 400 42 300 609 481 NOI 299 141 200 55 100 Prop Mgmnt 138 106 0 PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE | MARCH 7,
Slide 12: Portfolio build up - actuals
STENDÖRREN FASTIGHETER PORTFOLIO BUILD UP - ACTUALS 6 000 9,0% Property value 55 37 56 09* 53 80 Annual NOI earning capacity NOI yield excl. non-earning 48 89 8,0% 5 000 48 26 NOI yield 44 96 7,0% 6,8% 6,8% 7,0% 4 000 6,4% 6,2% 6,4% 6,1% * 6,2% 6,3% 6,0% 3 000 5,8% 5,6% 5,6% * 5,0% 2 000 4,0% 1 000
Slide 13: Key financial ratios
STENDÖRREN FASTIGHETER KEY FINANCIAL RATIOS JAN–DEC JAN–DEC 2016 2015 Excess Ratio (NOI/Rental income), % 68 69 ROE (average), % 35 24 Avrg. Interest fixing, years 2,2 2,8 Avrg. Debt maturity, years 3,5 3,1 Equity Ratio, % 34 30 LTV, % 57 64 LTV (property level), % 46 54 ICR, x 2,3 2,2 PARETO SECURI
Slide 14: Key financial ratios
Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 3,0 STENDÖRREN FASTIGHETER 50 2,5 KEY FINANCIAL RATIOS 35% 40 2,0 30 1,5 20 1,0 0,5 10 AVERAGE RETURN ON EQUITY 0,0 0 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 EQUITY RATIO, % ICR, x ROE (AVERAGE), % 40 3,0 50 2,5 40 30 2,0 30 1,5 20
Slide 15: Key metrics over time
STENDÖRREN FASTIGHETER KEY METRICS OVER TIME 75,0% 3,00 ICR (right hand scale) NOI Excess Ratio NOI Excess Ratio 2,80 LTV 65,0% LT V 2,60 LTV (property level) LT V ( p ro p ROE er t y leve 2,40 55,0% l) Equity Ratio 2,20 45,0% 2,00 RO E 1,80 35,0% 1,60 Equity Ratio 1,40 25,0% 1,20 ICR (right hand sc
Slide 16: Debt funding overview
FÖRDELNING UTHYRBARYTA GEOGRAFISK FÖRDELNING STENDÖRREN FASTIGHETER DEBT FUNDING OVERVIEW MATURITY AND INTEREST PROFILE Senior debt, 77 % Bond, 22 % 1 800 Seller notes, 1 % STÖRSTA HYRESGÄSTERNA 1 600 1 400 FÖRDELNING UTHYRBARYTA GEOGRAFISK FÖRDELNING DISTRIBUTION 1 200 FÖRDELNING UTHYRBARYTA GEOGRA
Slide 17: Key equity ratios
STENDÖRREN FASTIGHETER KEY EQUITY RATIOS JAN–DEC JAN–DEC 2016 2015 Share price, SEK 68,5 50,0 Equity per share, SEK 74,3 53,9 EPRA NAV per share, SEK 83,2 60,1 Cashflow per share, SEK 4,2 4,7 Market cap, MSEK 1 892 1 381 Other ratios Average number of employees during the period 30 10 PARETO SECURIT
Slide 18: Share value
STENDÖRREN FASTIGHETER SHARE VALUE 2 500 83,22 Book equity 77,85 80,02 EPRA NAV / Share 73,50 72,25 74,36 Book Equity / Share 70,02 2 000 68,75 68,50 Share price 65,47 58,25 60,02 56,51 57,50 54,90 53,92 55,00 48,90 1 500 49,90 50,02 49,06 47,45 50,00 48,20 46,47 47,32 46,10 44,50 40,02 1 000 30,02
Slide 19: Part 2 Market data
PART 2 MARKET DATA
Slide 20: Logistics in Greater Stockholm region
MARKET DATA LOGISTICS IN GREATER STOCKHOLM REGION 16,0% Vacancy 14,0% Yield 12,0% Stibor 90 10,0% 8,0% 6,0% 4,0% 2,0% 0,0% -2,0% 2010 2011 2012 2013 2014 2015 2016 Source: Newsec PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE | MARCH 7, 2017
Slide 21: Logistics rent level in Greater Stockholm region
MARKET DATA LOGISTICS RENT LEVEL IN GREATER STOCKHOLM REGION 680 Rent Inflation 18,0% 670 660 13,0% 650 640 8,0% 630 3,0% 620 0,0% 610 -2,0% 2010 2011 2012 2013 2014 2015 2016 Source: Newsec PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE | MARCH 7, 2017
Slide 22: Part 3 Growth
PART 3 GROWTH
Slide 23: Growth in different Swedish regions 1995 to 2015
GROWTH GROWTH IN DIFFERENT SWEDISH REGIONS 1995 TO 2015 30,00% 25,00% 20,00% 15,00% 10,00% 5,00% 0,00% -5,00% The data illustrates the popluation growth in Swedish cities including surrounding municipalities during the period 1995-2015. Source: Evidens PARETO SECURITIES NORDIC CORPORATE BOND CONFERE
Slide 24: Our property portfolio is where Sweden is growing the most
GROWTH OUR PROPERTY PORTFOLIO IS WHERE SWEDEN IS GROWING THE MOST Uppsala Enköping Västerås Storstockholm Eskilstuna Stockholm Södertälje Uppsala Västerås Flen Eskilstuna Örebro Stockholm Södertälje Linköping Nynäshamn Göteborg Jönköping Malmö PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE | MAR
Slide 25: Where in Stockholm region do we want to grow?
GROWTH WHERE IN STOCKHOLM REGION DO WE WANT TO GROW? • 2,3 million citizens • 600 000 new citizens to 2030 • The region has significantly higher growth than the rest of Sweden Uppsala Västerås Eskilstuna Örebro Stockholm Södertälje Linköping Göteborg Jönköping Existing portfolio Possible expansion M
Slide 26: Growth forecast
FÖRDELNING UTHYRBARYTA GEOGRAFISK FÖRDELNING Possible growth GROWTH of up to 1 billion GROWTH FORECAST without new capital required. Approx. 500 MSEK Acqusitions Approx. 200 MSEK Tenant improvements Approx. 300 MSEK New builds STÖRSTA HYRESGÄSTERNA Approx. 200 MSEK Approx. 500 MSEK Approx. 300 MSEK
Slide 27: Joint venture 50/50 with Kilenkrysset
JOINT VENTURE GROWTH 50/50 WITH KILENKRYSSET STOCKHOLM VÄST LOGISTIK AB Uppsala Enköping Västerås Storstockholm Eskilstuna Stockholm Södertälje Flen Nynäshamn • +400,000 sq m land • E18 connection • Goods terminal with own railway connection PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE | MARCH
Slide 28: Stendörren towards Main Market
GROWTH Mid Cap STENDÖRREN TOWARDS MAIN MARKET Mid Cap PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE | MARCH 7, 2017
Slide 29: Warehouse and light industrial in the Greater Stockholm region
PROPERTY VALUE: 5 817 MSEK WAREHOUSE AND LIGHT INDUSTRIAL IN THE GREATER STOCKHOLM REGION NET PROFIT (Q1-Q4): LETTABLE AREA: 609 MSEK 612 000 M2 NO. OF PROPERTIES: 95 LTV: 57 % PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE | MARCH 7, 2017
Slide 30: Calendar and contact information
CALENDAR Financial report Q4 2016 FOR FURTHER INFORMATION PLEASE CONTACT: FREDRIK BRODIN, CEO, VD MAGNUS SUNDELL, CFO, VVD fredrik.brodin@stendorren.se magnus.sundell@stendorren.se 08 - 518 331 01 08 - 518 331 02 PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE | MARCH 7, 2017
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