On 16 Jan. 2025, Stenhus Fastigheter i Norden AB (publ) (Stenhus) announced its revised operational and financial targets. The company has shifted its growth target from achieving SEK 20bn in property value by the end of 2025 to a new target: increasing profit from property management by 12% annually over a business cycle. Additionally, the company has adjusted its financial target for average debt maturity from 2.5 years to 2.0 years. The targets for equity ratio, loan-to-value, and interest coverage remain unchanged.
We believe that the changes to Stenhus' updated targets are minor and unlikely to significantly affect its credit profile. Therefore, our view is that 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