Rental operations in line
Fabege profit from rental operations was in line with our forecast. However, on yield compression and higher market rent assumptions, it raised market values and EPRA NAV to SEK190/share. We continue to fear upside will be capped near-term by ongoing tax risk, weakening residential markets and the risk of higher interest rates, despite a strong underlying rental market. We reiterate our HOLD recommendation and SEK180 target price.
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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