Fabege (Hold, TP: SEK80.00) - Not much to get excited about
We reiterate our HOLD and have cut our target price to SEK80 (100) after 7–12% reductions to our 2024–2025e EPS. Q1 offered no sign of improvements; instead, soft net letting and early data points indicated a drop in market rents and its write-downs in ongoing projects. The stock is trading at a 53% discount to the last reported NAV (EPRA NRV), and we are concerned it remains a value trap, given where we are in the economic cycle.
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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