Fabege (Buy, TP: SEK110.00) - Trailing behind its closest peer
We reiterate our BUY and have raised our target price to SEK110 (85) on a tweaked valuation yield owing to 1) falling long-term market interest rates; 2) multiple strong office peer transactions in Stockholm city; and 3) an attractive valuation versus its closest peer Atrium Ljungberg following 3–6 months of Fabege underperformance, which we expect to revert in 2023.
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.