Stendoerren Fastigheter Ab Class B · OMXSTO:STEF_B
Stendoerren Fastigheter Ab Class B — Stendörren Fastigheter — Q2 2021 Earnings Presentation
23 slides from Stendoerren Fastigheter Ab Class B's earnings presentation, 2021
Slide 1: Second Quarter 2021
SECOND QUARTER 2021 STENDÖRREN
Slide 2: Introduction: Business idea, market opportunity and financial objectives
INTRODUCTION BUSINESS IDEA, MARKET OPPORTUNITY AND FINANCIAL OBJECTIVES MARKET BUSINESS OPPORTUNITY IDEA The properties are strategically located in growth areas (population and economic) in Greater Stendörren creates profitable growth Stockholm and the Mälardalen region. in net asset value by activ
Slide 3: Snapshot of Stendörren
SNAPSHOT OF STENDÖRREN PROPERTY VALUE1 RENTAL VALUE2 NOI YIELD3 LTV4 SEK SEK 6.0% 47% 10.4 bn 648 m LETTABLE AREA1 NAV5 LEASE DURATION6 BUILDING RIGHTS1 SQ.M. SEK SQ.M. 3.8 years 757,000 4,128 million 606,000 1) Property portfolio as per June 30, 2021 2) Estimated earnings capacity as of June 30, 20
Slide 4: Snapshot of Stendörren – continued
SNAPSHOT OF STENDÖRREN – CONTINUED • Stendörren creates profitable growth in net asset value by actively managing, developing and acquiring properties. Our focus is on logistics, warehouse and light STOCKHOLM NORTH BUSINESS industrial properties in growth regions, primarily in urban areas. IDEA • In
Slide 5: Stendörren history in short
STENDÖRREN HISTORY IN SHORT PROPERTY VALUE Q2 2021 PROPERTY VALUE Q4 2020 10.4 BN PROPERTY 9.5 VALUE Q4 2019 BN 125 PROPERTY 8.9 PROPERTIES VALUE Q4 2018 BN 123 PROPERTY 8.4 PROPERTIES VALUE 2017 BN 122 PROPERTY VALUE 2016 6.5 121 PROPERTIES 2021 2020 BN PROPERTY 5.8 PROPERTIES VALUE 2015 BN 100 PRO
Slide 6: 4 good reasons to own a Stendörren share
4 GOOD REASONS TO OWN A STENDÖRREN SHARE 1. STABLE CASH FLOW 2. SUSTAINABLE GROWTH • High yielding logistics, warehouse and light • Properties strategically located in growth areas (population and industrial properties with long leases. economic) in the Greater Stockholm and the Mälardalen region. •
Slide 7: 1. Stable cash flow
1. STABLE CASH FLOW DIVERSIFICATION WITH FOCUS ON GREATER STOCKHOLM PROPERTY PORTFOLIO OVERVIEW • Stendörren has a property portfolio of SEK 10,356m, with a property yield of 6.0%1 as per 30 June 2021. • Rental value2 of SEK 648m with an economic occupancy rate of 87% as per 30 June 2021. • Lease ag
Slide 8: 1. Stable cash flow – continued
1. STABLE CASH FLOW – CONTINUED DIVERSIFIED TENANT BASE LARGEST TENANTS AS PER Q2 2021 LEASE MATURITY BY RENTAL INCOME Rental Share of Rental area, Tenant income, total rental th. sq.m. SEKm income 594 160 Coop Logistics AB 65 129 11% Alfa Laval Tumba AB 13 20 2% Åtta.45 Tryckeri AB 12 11 2% 123 132
Slide 9: 2. Sustainable growth
2. SUSTAINABLE GROWTH WHY FOCUS ON THE STOCKHOLM REGION? POPULATION STOCKHOLM REGION STOCKHOLM REGION 3 000 000 2020 – 2040 Forecasted CAGR of 0.77% • 78% By 2040 a total of 11.3m inhabitants are expected to live in Sweden. Forecasted population growth of 19,800 • The highest growth in absolute numb
Slide 10: 2. Sustainable growth – continued
2. SUSTAINABLE GROWTH – CONTINUED STRONG GROWTH PROSPECTS FUTURE • Continued expansion in greater Stockholm and Mälardalen. • Furthermore, new markets are continuously being evaluated, with the most recent acquisitions being two modern warehouse assets in the logistics cluster of Viared in Borås. •
Slide 11: 2. Sustainability
2. SUSTAINABILITY Stendörren supports the Agenda 2030 and has identified 7 global goals which have Stendörren’s sustainability strategy direct or indirect connection to the company’s sustainability strategy and mission. These permeates two complementary 7 goals are also the goals that Stendörren’s b
Slide 12: 3. Value growth in projects
3. VALUE GROWTH IN PROJECTS PROJECT PORTFOLIO WITH LARGE POTENTIAL • Fully developed an additional 606,000 sqm can be created, or a growth of 80% vs the current portfolio of standing assets. • The vast majority of the building rights are located in the greater Stockholm region. • The aim is to devel
Slide 13: 3. Value growth in projects – continued
3. VALUE GROWTH IN PROJECTS – CONTINUED ONGOING AND FINALIZED PROJECTS 77% • Development projects WITHIN GREATER STOCKHOLM REGION within logistics, light industrial, and residential ongoing. • First estimated construction completion estimated for Q3 2022. 13 Investor Presentation
Slide 14: Tegelbruket in Botkyrka
3. VALUE GROWTH IN PROJECTS – CONTINUED TEGELBRUKET IN BOTKYRKA TEGELBRUKET • Example of underutilized asset in urban location. • Acquired in 2016 as a cash flow generating property, significant value unlocked through rezoning allowing for residential construction on underutilized parking lot. • Bui
Slide 15: 4. Finance
4. FINANCE
Slide 16: Key metrics
12 MONTHS TO JUNE 2021 KEY METRICS PROPERTY VALUE: LTV: 10 356 MSEK NET OPERATING INCOME: 47 % 482 MSEK LETTABLE AREA: RENTAL INCOME: NET PROFIT: 757 000 M2 EQUITY RATIO: 659 MSEK 682 MSEK 43% 16 Investor Presentation
Slide 17: Financial performance
FINANCIAL PERFORMANCE KEY METRICS 2.9x 16 % 43% 22% ROE (LTM Q2 2021, AVERAGE) ICR (LTM Q2 2021) EQUITY RATIO (Q2 2021) NAV GROWTH (LTM Q2 2021) % 25 x % % 3,0 45 30 20 40 2,5 25 35 15 2,0 30 20 25 1,5 10 15 20 1,0 15 10 5 10 0,5 5 5 0 0,0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 0 0 Q1 Q2 Q3 Q4 Q1
Slide 18: Financial key metrics
FINANCIAL KEY METRICS PROPERTY VALUE, SEKm NET OPERATING INCOME, SEKm 10 356 78% 74% 73% 75% 75% 9 308 9 533 71% 69% 9 147 66% 8 476 8 754 64% 62% 127 124 118 115 121 107 111 6 491 6 868 98 99 98 5 880 88 90 93 79 81 84 79 72 NOI Margin Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3
Slide 19: Net income walk 12 months to 30 June 2021
NET INCOME WALK 12 MONTHS TO 30 JUNE 2021 MSEK 1000 900 800 194 700 756 97 600 623 177 500 86 400 682 300 143 200 100 0 RENTAL VACANCY PROPERTY CENTRAL FINANCING VALUE TAXES NET INCOME VALUE EXPENSES ADMIN COSTS CHANGES 19 Investor Presentation
Slide 20: Debt funding
DEBT FUNDING DEPT FUNDING OVERVIEW LOAN MATURITY INTEREST FIXING SEKm SEKm 13% 1 800 1 400 1 332 1 546 1 600 1 383 1 200 1 034 1 050 1 400 12% 1 118 1 000 900 1 200 855 1 000 848 800 800 600 600 400 75% 400 266 200 200 10 0 0 0 Bank debt Sr Unsecured bond Hybrid bond • Total interest bearing debt am
Slide 21: Share value and key equity ratios
SHARE VALUE AND KEY EQUITY RATIOS MSEK SEK/share 3 800 250 3 325 2 850 200 2 375 KEY EQUITY RATIOS JUNE 2021 JUNE 2020 150 1 900 Share price, SEK 205,0 120,5 Equity per share, SEK 1) 133,1 111,0 1 425 100 Long term nav per share, SEK 159,1 129,9 950 50 475 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 22: Share performance and ownership overview
SHARE PERFORMANCE AND OWNERSHIP OVERVIEW % OF % OF SHAREHOLDERS TOTAL SHARES A-SHARES B-SHARES CAPITAL VOTES SHARE PRICE DEVELOPMENT STENDÖRREN REAL 11 532 606 2 000 000 9 532 606 40.65 58.05 ESTATE AB SEK SEK ALTIRA AB 3 050 000 500 000 2 550 000 10.75 14.84 300 Share price 140 000 000 LÄNSFÖRSÄKRI
Slide 23: Assessed earnings capacity
ASSESSED EARNINGS CAPACITY • According to the company’s assessment as of Q2 2021, the total rental income (after deductions for vacancies and 648 152 discounts) on a rolling 12-month basis amounts to approximately SEK 648 million. 496 • The company also estimates that current property costs amount t
Stendörren Fastigheter — Q2 2021 Earnings Presentation on 6ix