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1. Company Snapshot

1.a. Company Description

Stendörren Fastigheter AB (publ), a real estate company, owns, develops, and manages warehouses, logistics, industrial premises, and office spaces primarily located in Greater Stockholm and Mälardalen.As of December 31, 2021, it owned 135 properties with a lettable area of approximately 793,000 square meters.The company was formerly known as Header Compression Sweden Holding AB and changed its name to Stendörren Fastigheter AB (publ) in November 2014.


Stendörren Fastigheter AB (publ) was founded in 1995 and is headquartered in Stockholm, Sweden.

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1.b. Last Insights on STEF

Stendörren Fastigheter's recent performance was driven by a significant one-off SEK232m gain, which boosted reported profits. The company's earnings growth is expected to reach 24% per year, outpacing the Swedish market's 12.6% rate. Revenue is forecast to climb 8.3% annually, driven by margin improvement since turning profitable. A recent earnings release highlighted the company's growth narrative, with a strong outlook despite the one-off gain. According to market expectations, the company's growth prospects remain robust. (Source not provided for rating)

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Stendörren Fastigheter (OM:STEF B): One-Off SEK232m Gain Clouds Outlook Despite Growth Narrative

Oct -25

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Top European Undervalued Small Caps With Insider Action For July 2025

Jul -18

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3 Undervalued Small Caps In Global With Recent Insider Buying

Jun -19

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.97%)

6. Segments

Rental Premises

Expected Growth: 7%

Stendörren Fastigheter AB's 7% rental premises growth is driven by Sweden's thriving economy, urbanization, and increasing demand for rental properties. Additionally, the company's strategic acquisitions, efficient property management, and focus on sustainability attract tenants, contributing to the growth.

Vacancy Rental Premises

Expected Growth: 6%

Stendörren Fastigheter AB's 6% growth in Vacancy Rental Premises is driven by increasing demand for flexible office spaces, strategic location of properties, and effective asset management. Additionally, the company's focus on sustainability and energy-efficient buildings attracts environmentally conscious tenants, contributing to the growth.

Other Rental

Expected Growth: 9%

Stendörren Fastigheter AB's 9% Other Rental growth is driven by increasing demand for logistics and warehouse spaces, strategic acquisitions, and a strong Swedish economy. Additionally, the company's focus on sustainable and modern properties, as well as its efficient property management, contribute to the growth.

Rental Discounts on Premises

Expected Growth: 5%

Stendörren Fastigheter AB's 5% growth in rental discounts on premises is driven by increasing demand for affordable housing, strategic location of properties, and effective cost management. Additionally, the company's focus on tenant retention, competitive pricing, and value-added services contribute to the growth. Furthermore, the Swedish government's initiatives to promote affordable housing and the company's expansion into new markets also support the growth.

Other

Expected Growth: 8%

Stendörren Fastigheter AB's 8% growth is driven by increasing demand for rental apartments in Sweden, fueled by urbanization and a shortage of housing supply. Additionally, the company's strategic acquisitions and divestments, as well as its focus on sustainable and energy-efficient properties, contribute to its growth momentum.

7. Detailed Products

Residential Rentals

Stendörren Fastigheter AB (publ) offers a range of residential properties for rent, including apartments and houses, in various locations across Sweden.

Commercial Properties

The company provides commercial properties, including office spaces, retail stores, and warehouses, for businesses and entrepreneurs in Sweden.

Property Management Services

Stendörren Fastigheter AB (publ) offers property management services, including maintenance, repairs, and administrative support, to property owners and investors in Sweden.

Real Estate Development

The company develops and renovates properties, including residential and commercial projects, in Sweden, creating new opportunities for living, working, and investing.

8. Stendörren Fastigheter AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Stendörren Fastigheter AB (publ) is medium due to the availability of alternative investment options in the real estate industry.

Bargaining Power Of Customers

The bargaining power of customers is low due to the company's strong brand reputation and limited alternatives for customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the company's dependence on a few large suppliers for materials and services.

Threat Of New Entrants

The threat of new entrants is high due to the relatively low barriers to entry in the real estate industry and the attractiveness of the market.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the real estate industry and the presence of several established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 62.22%
Debt Cost 5.07%
Equity Weight 37.78%
Equity Cost 10.70%
WACC 7.19%
Leverage 164.72%

11. Quality Control: Stendörren Fastigheter AB (publ) passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Novavest Real Estate

A-Score: 6.2/10

Value: 3.6

Growth: 4.6

Quality: 5.4

Yield: 5.0

Momentum: 8.5

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Henry Boot

A-Score: 5.5/10

Value: 7.3

Growth: 5.3

Quality: 5.2

Yield: 5.0

Momentum: 3.5

Volatility: 6.7

1-Year Total Return ->

View Full Report
Stock-Card
Diös Fastigheter

A-Score: 4.6/10

Value: 4.9

Growth: 3.2

Quality: 5.3

Yield: 5.6

Momentum: 1.5

Volatility: 7.3

1-Year Total Return ->

View Full Report
Stock-Card
Stendörren Fastigheter

A-Score: 4.2/10

Value: 2.8

Growth: 5.9

Quality: 5.5

Yield: 0.0

Momentum: 3.5

Volatility: 7.3

1-Year Total Return ->

View Full Report
Stock-Card
Trianon

A-Score: 3.9/10

Value: 4.4

Growth: 4.0

Quality: 5.5

Yield: 2.5

Momentum: 2.5

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Nexity

A-Score: 3.6/10

Value: 8.9

Growth: 3.0

Quality: 1.5

Yield: 5.0

Momentum: 2.0

Volatility: 1.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

212.0$

Current Price

212$

Potential

-0.00%

Expected Cash-Flows