Fabege (Buy, TP: SEK100.00) - Deepest NAV discount since 2008
We reiterate our BUY as we consider the weak share-price performance on the Q2 top-line miss an overreaction, with Fabege’s unchanged Q3–Q4 guidance indicating it was a one-off. Thus, we have trimmed our 2022–2023e EPS by only 7% on higher interest rates, while we expect market rents to hold up in our base-case scenario. We have cut our target price to SEK100 (135), having upped our 2024e EBIT-based valuation yield to 4.2% (3.6%).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.