Fabege (Buy, TP: SEK160.00) - Long-awaited lease signed
Following management’s optimism at the Q2 earnings call, Fabege yesterday announced its first office letting in Flemingsberg (the largest letting in Sweden YTD). We consider this positive, and believe it could support more project starts, which is important for the investment case. Our 2021–2023e EPS is unchanged, but we have upgraded the stock to BUY (HOLD) after its recent underperformance versus the sector and lifted our target price to SEK160 (155) following the milestone letting.
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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