Aros Bostad (Buy, TP: SEK63.00) - Landbank revaluation ups NAVPS
Aros Bostad raised its adj. NAV/share to SEK56 in its annual landbank revaluation in Q4 (40% above Q3’s SEK40 but 7% below our estimate of SEK60). We see potential share-price triggers in 2022 in: 1) executing the announced divestment of a major rental apartment portfolio (c1,000 units gross), possibly in Q2; and 2) prospects of updating the strategy to include developing rental apartments for its own book. We reiterate our BUY but have trimmed our target price to SEK63 (66).
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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