Fabege (Hold, TP: SEK100.00) - Solid Q4, soft outlook comments
Q4 were solid and its large PFPM beat our forecast, helped by some one-offs. We have raised our 2024–2025e EPS by 4–7% mainly on updated interest costs. We reiterate our HOLD but have lowered our target price to SEK100 (110) on our adjusted valuation yield. We consider the market outlook comments soft and we see risk with capex remaining elevated, as Fabege has struggled with project profitability for the past two years.
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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