Fabege Minor model adjustments
We have updated our estimates owing to changes in market interest rates. We do not consider these changes to estimates to be material. We have also reduced our expected yield at end 2020e to +10bp p.a. hike (prev. 25bp p.a) in our NAV20e estimate, thus raise our target price from 125SEK to 132SEK. We have not changed our HOLD recommendation due to the current P/NAV premium.
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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