On 20 Feb. 2025, Stenhus Fastigheter i Norden AB (publ) released its Q4 2024 report and made slight adjustments to the description of its cash flow usage. Previously, the company stated that it would reinvest generated cash flows into operations through acquisitions and project development. The updated description now includes using cash flows for share buybacks and dividend payments. The dividend policy remains unchanged, aiming to pay out 30% of profit from property management in the long term. Historically, the company has not paid dividends, and we note that the Board has proposed a dividend payment of SEK 0.2 per share for 2025.
While dividend payments will result in less cash being reinvested into the company's operations, we expect Stenhus' credit metrics to stay within current policy levels. We believe these changes will have a minor impact on its overall credit profile, and in our opinion, the rating and outlook remain unchanged.
This commentary does not constitute a rating action.
Contacts:
Yun Zhou, analyst, +46732324378, yun.zhou@nordiccreditrating.com
Gustav Nilsson, analyst, +46735420446, gustav.nilsson@nordiccreditrating.com