Fabege (Hold, TP: SEK130.00) - Dents in the perfect track record
Q1 results beat our forecasts but were broadly in line with consensus. IFRS16 added SEKc1bn in debt (ground rent) and a new financial cost line. Although negative net lettings had been pre-warned, this still marked the weakest ever quarterly net letting result. We also noted some project cost overruns, one as high as 20%. We trim our forecasts and our target price to SEK130 (131); HOLD reiterated.
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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