Citycon (Hold, TP: EUR10.30) - 2020e DPS lowered
The Q3 results were marginally below our forecasts and consensus. Citycon narrowed its 2019 guidance, and we have cut our 2019e EBIT and FFO to the lower end of the guidance range after the Q3 miss. Post the Moody’s downgrade (May) and S&P outlook downgrade (September), we expect Citycon to reduce its dividend ratio to retain an IG rating, and we have cut our 2020e DPS. We reiterate our HOLD, but have cut our target price to EUR10.3 (11).Citycon is an active owner, operator and developer of shopping centers. Co. aims to increase its net yield from shopping centers over the long term through active retail property management and systematic redevelopment efforts. Co. is involved in the day-to-day operations of its shopping centers. As of Dec. 31, 2011, Co. owned a total of 36 shoppings centers: 23 in Finland, 9 in Sweden, 3 in Estonia, and one in Lithuania. Co. also owns 43 other retail properties: 36 in Finland and 7 in Sweden and one undeveloped lot in Finland. Co. manages two commercial shopping centers in Finland.
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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