Fabege (Buy, TP: SEK135.00) - Unconvincing asset value gain
Fabege had solid Q1 results and unexpected asset value gains (2.5% QOQ) despite the increased market uncertainty followed the Covid-19 outbreak. We have trimmed our 2021–2022e EPS by 4% following higher interest rate costs, slight revenue cuts, and higher running costs from its associated company. Thus, we have cut our target price to SEK135 (140) and reiterate our BUY as we see upside potential to the stock price even though we see Fabege as more cyclical than peers due to its large development portfolio.
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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