Fabege (Buy, TP: SEK160.00) - Developments to recover in 2022e
Following the strong Q4 report, we believe the combination of 1) our raised EPS estimates; 2) Fabege’s expectation of increased developments in 2022; and 3) additional buybacks offset the increase in our valuation yield to reflect rising long-term interest rates. We reiterate our BUY and SEK160 target price.
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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