Fabege (Hold, TP: SEK85.00) - Potential major letting agreement
Following the solid Q2 results, we reiterate our HOLD but have raised our 2025e EPS by 6% and our target price to SEK85 (80) due to the potential SEK130m (or 66,000 sqm) letting agreement that is expected to be finalised in Q3 – and not reflected in Q2’s SEK+34m net letting. The stock is trading at a 50% discount to the last reported NAV (EPRA NRV), and is set to remain a value trap due to weak sector sentiment, but we see limited downside risk.
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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