Balder (Hold, TP: SEK200.00) - Q4 beat, but target price reduced
We have raised our forecasts due to higher rental income and contracted rental income per Q4 exceeding our estimates. We have also recalculated our FFO, tax costs, and JV forecasts. However, as we see increasing yields on rising market interest rates, we have reduced our target price to SEK200 (230). We repeat our HOLD recommendation.
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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