Fabege (Buy, TP: SEK134.00) - Fuelling its development portfolio
We are broadly in line with consensus for Q3 and we have made only minor estimate changes ahead of the Q3 report (due at 07:30 CET on 20 October), trimming our vacancy and LFL rental growth forecasts and raising our 2022e EPS by 2%. We still view Fabege’s assets and business model as more cyclical than most peers, but we have raised our target price to SEK134 (120) after trimming the risk premium and we reiterate our BUY as we find the 12% EV/GAV discount attractive
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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