Fabege (Hold, TP: SEK85.00) - Rental market concerns remain
We have cut our 2025–2026e EPS by c6–4% on rising market interest rates, following a soft Q1 report, where focus was on a further weakening Stockholm office rental market. We found net lettings disappointing at SEK-36m and the minor vacancy rate uptick soft. We reiterate our HOLD, but have cut our target price to SEK85 (100).
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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