Stendoerren Fastigheter Ab Class B · OMXSTO:STEF_B
Stendoerren Fastigheter Ab Class B — Stendörren Fastigheter — ABG (December 2019)
21 slides from Stendoerren Fastigheter Ab Class B's conference presentation, Dec 5, 2019
Slide 1: ABG, December 5th 2019
DECEMBER 5 TH 2019 ABG
Slide 2: Agenda
AGENDA PART 1 – COMPANY PRESENTATION & BUSINESS RATIONALE PART 2 – FINANCIAL PERFORMANCE PART 3 – CONTINUED GROWTH 2 PRESENTATION STENDÖRREN | DECEMBER 5 TH 2019
Slide 3: Part 1 Company Presentation & Business Rationale
PART 1 COMPANY PRESENTATION & BUSINESS RATIONALE
Slide 4: Business Idea and Objectives
COMPANY PRESENTATION & BUSINESS RATIONALE BUSINESS IDEA AND OBJECTIVES BUSINESS IDEA Stendörren creates long-term growth and value creation by acquiring, de- OVERALL veloping and managing properties within the greater Stockholm region, with focus on the segments warehou- OBJECTIVES FINANCIAL se and
Slide 5: History in Short
PROPERTY VALUE Q3 2019 HISTORY IN SHORT 8,8 BN SNAPSHOT OF STENDÖRREN PROPERTY VALUE 2018 122 PROPERTIES 8,4 BN PROPERTY VALUE 2017 121 PROPERTIES PROPERTY VALUE 2016 6,5 5,8 BN BN 100 PROPERTIES 95 PROPERTIES 2019 PROPERTY VALUE 2015 4,9 BN 81 2018 PROPERTIES S PROPERTY VALUE 2014 ON ILLI 2,2 10 B
Slide 6: Organisation - Geared for Growth
COMPANY PRESENTATION & BUSINESS RATIONALE ORGANISATION - GEARED FOR GROWTH 54 CO-WORKERS ”Having staff in-house helps us create longterm relationships with our tenants” 6 PRESENTATION STENDÖRREN | DECEMBER 5 TH 2019
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 LETTABLE SPACE GEOGRAPHICAL FÖRDELNING UTHYRBARYTA GEOGRAFISK FÖRDELNING TYPES, BY AREA SPLIT, BY RENTAL INCOME FÖRDELNING UTHYRBARYTA GEOGRAFISK FÖRDELNING TENANTS/PROPERTY FÖRDELNING UTHYRBARYTA GEOGRAFISK FÖRDE
Slide 9: 2. Sustainable Growth
2. SUSTAINABLE 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 grow
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% PROJECT ”TEGELBRUKET” - COMBINING EXISTING CASH FLOW WITH OPPORTUNITY TO BUILD UP TO 800 RESIDENTIAL UNITS + COMMERCIAL SPACE. BENEFITS • Having a project
Slide 11: 3. Value Growth in Project
3. VALUE GROWTH IN PROJECT 4 GOOD REASONS TO OWN A STENDÖRREN SHARE 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 tranship
Slide 12: 4. High and Safe Return
4. HIGH AND SAFE RETURN 4 GOOD REASONS TO OWN A STENDÖRREN SHARE TOTAL RETURN BUILT UP BY STABLE CASH FLOW AND VALUE INCREASES 18% 18% IN AVERAGE ROE avkastning på eget kapital OVER THE LAST 3 YEARS • Stable cash flow yield from existing tenant base, produ- % ROE (AVERAGE) cing strong interest cover
Slide 13: Part 2 Financial Performance
PART 2 FINANCIAL PERFORMANCE
Slide 14: 9 Months to September 2019
9 MONTHS TO SEPTEMBER 2019 KEY METRICS FAIR VALUE: LTV: 8 892 MSEK NET OPERATING INCOME: 52 % 113 MSEK LETTABLE AREA: RENTAL INCOME: NET PROFIT 722 000 M2 EQUITY RATIO: 443 MSEK 306 MSEK 40 % 14 PRESENTATION STENDÖRREN | DECEMBER 5 TH 2019
Slide 15: Financial Performance
5 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2017 2018 2019 avkastning på eget kapital Räntetäckningsgrad FINANCIAL PERFORMANCE % ggr 40 3,0 35 KEY METRICS 30 2,5 25 2,0 20 9,3 % 1,9 x 40 % 1,5 15 10 1,0 5 0,5 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 0,0 2017 2018 2019 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2017 2018 2
Slide 16: Net Income Walk 12 Months to 30 September 2019
NET INCOME WALK 12 MOTHS TO 30 SEPTEMBER 2019 NET INCOME WALK SEKm 1 2 3 4 5 6 7 8 800 700 600 80 500 673 197 208 400 77 300 96 167 200 264 100 0 RENTAL VACANCY PROPERTY CENTRAL FINANCING VALUE TAXES NET INCOME VALUE EXPENSES ADMIN COSTS CHANGES 16 PRESENTATION STENDÖRREN | DECEMBER 5 TH 2019
Slide 17: Share Value and Key Equity Ratios
SHARE VALUE AND KEY EQUITY RATIOS SEKm SEK/SHARE 3 400 160 Q4 KEY EQUITY RATIOS SEP 2019 SEP 2018 140 2 720 120 Q3 SHARE PRICE, SEK 138,0 91,8 2 040 100 Q2 EQUITY PER SHARE, SEK 99,9 89,2 80 EPRA NAV PER SHARE, SEK 122,0 109,6 Q1 1 360 60 40 680 BOOK EQUITY 20 EPRA NNNAV/SHARE 0 0 SHARE PRICE Q1 Q2
Slide 18: Part 3 Continued Growth
PART 3 CONTINUED GROWTH
Slide 19: Continued Growth
CONTINUED GROWTH CONTINUED FOCUS RATIONALE • Continued expansion in greater Stockholm and Mälardalen. • Continued focus on strong cash flow. • Development properties with focus on customer relations. • Strengthen our position as an im- portant actor in a growing region. • Create value by being profe
Slide 20: Sustainability
SUSTAINABILITY C ORPORATE INNOVATION GOVERNANCE E FFICIENT AND CE OMMUNICATION / C L EN A FLEXIBLE PREMISES TRANSPARENCY EL SU CT C ST IVE EX B E PROACTIVE WITHIN A P ANTI-CORRUPTION L IN THE INDUSTRY A A N A BL R E S ET REQUIREMENTS TTRACTIVE A O TN C I AND FOLLOW UP OF BUSINESS PARTNER AT E RIT I
Slide 21: Contacts
CONTACTS: MIKAEL NICANDER, CEO MAGNUS SUNDELL, CFO mikael.nicander@stendorren.se magnus.sundell@stendorren.se 08 - 518 331 01 08 - 518 331 02