Atrium Ljungberg (Hold, TP: SEK180.00) - Valuation gap reduced, down to HOLD
Atrium’s expected shift from a retail legacy to office has benefited its valuation versus peers; and on our forecasts the stock is trading in line with peers on implied asset yield, P/FFO, and dividends. Following a change of analyst, we have lowered our forecast, reducing expected EBIT growth 2019-21ew. Based on updated forecasts, we have cut our price target to SEK180 (184) and downgraded to HOLD (BUY) on the reduced upside potential.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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