Atrium Ljungberg (Hold, TP: SEK205.00) - Value uplift is back
We like the recent improvement in asset quality (divestment of assets in Kista and Farsta), which should be supportive in the long run, in our view. We also appreciate Q2’s improved KPIs as well as the new data point (30% project margin) for value creation in its first ‘apartments for sale’ project (SEK0.7 per share gain). However, after strong share price performance in Q2 we consider this reflected and we reiterate our HOLD, while we have raised our target price to SEK205 (180).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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