Citycon (Hold, TP: EUR3.50) - Still in deleveraging mode
Given its high financial leverage, Citycon stated it would continue to bolster its balance sheet in 2025–2026. Asset values declined again in Q4, with the EPRA NTA (NAV) down 11.4% QOQ. We have cut our 2025–2027e EPS (FFOPS), and expect 2025 EPS to be at the low end of the guidance, sliding further on divestments. We see few positives other than a low P/NAV, reiterate our HOLD, and have cut our target price to EUR3.5 (3.75) on lower NAV and EPS forecasts.Citycon is an active owner, operator and developer of shopping centers. Co. aims to increase its net yield from shopping centers over the long term through active retail property management and systematic redevelopment efforts. Co. is involved in the day-to-day operations of its shopping centers. As of Dec. 31, 2011, Co. owned a total of 36 shoppings centers: 23 in Finland, 9 in Sweden, 3 in Estonia, and one in Lithuania. Co. also owns 43 other retail properties: 36 in Finland and 7 in Sweden and one undeveloped lot in Finland. Co. manages two commercial shopping centers in Finland.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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