Atrium Ljungberg (Hold, TP: SEK200.00) - Soft net lettings and soft outlook
Q4 was on the soft side, as net lettings excluding project properties were SEK-47m (or -1.4% of its rental value). Reflecting its muted rental market outlook, management said “the recovery in the rental market typically lags, meaning weak demand is expected to persist through much of 2025”. An ongoing renegotiation with key tenant Ericsson (~3% of rental value) poses a significant near-term risk. We reiterate HOLD and SEK200 target price, viewing the stock as fully valued at 2026e P/FFO of 19.8x (or 18.5x if ongoing projects are fully let).Atrium Ljungberg is a property company. Co. owns, develops and manages properties and areas, primarily for the retail and office sectors. Co.'s operations are primarily located in Stockholm, Uppsala and Malmo. Co. develops areas and city districts in these three regions with a mixture of businesses. Most of Co.'s office portfolio is found in Stockholm: Sickla, Farsta, Sodermalm, Hagastaden and Kista. Co.'s residential properties are in the city district of Arvinge in Kista and the Mobilia area in Malmo. As of Dec 31 2013, Co.'s property portfolio includes a total of 47 properties.
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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