Atrium Ljungberg (Hold, TP: SEK220.00) - Most FFO growth now behind us
The Q4 results were solid, while net lettings were somewhat soft. We have cut our 2024–2025e EPS by 2–5% and reiterate our HOLD but have lowered our target price to SEK220 (230). Having benefited from a strong interest hedge portfolio in 2023 (16% FFOPS growth YOY – among the best in the sector), we expect muted FFOPS growth of 0–1% for 2024–2025 as hedges gradually expire. Trading at a 2024e P/FFO of 19x, we consider the stock fairly valued.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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