Fabege (Buy, TP: SEK135.00) - Bounce-back potential
We reiterate our BUY as we find the 34% discount to the last reported EPRA NAV (NRV) valuation appealing for Fabege’s high-quality assets. However, given the risk for rising yields on these low-yielding assets and the potential negative impact of high building cost inflation on its development business, we have cut our target price to SEK135 (160) based on a 3.6% implied EBIT yield.
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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