Fabege (Hold, TP: SEK87.00) - No turning point in sight
Following a Q3 report with soft rental market KPIs and, in our view, no positive indications for the weakening Stockholm office rental market, we reiterate our HOLD but have raised our target price to SEK87 (85). With all ongoing projects completed in 2025e (driving FFOps growth of 13% YOY), we see just 2% FFOps growth for 2026e without completions. Despite a 42% discount to last reported NAV, we consider a 2025–2026e P/FFO of 17x unattractive due to the muted FFOps growth outlook.
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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