Atrium Ljungberg (Hold, TP: SEK190.00) - EBIT in line in Q2, FFO below
Q2 EBIT was in line with our forecast, but FFO missed by 7% on higher financing costs and tax. The company kept its SEK1.2bn annual rental profit guidance. The NAV rose in Q2 due to slightly lower yields, development gains, and NOI assumptions, prompting us to raise our target price to SEK190 (180), in line with the change in our NAV estimate. We have made only minor changes to our estimates, and reiterate our HOLD.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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