Fabege (Hold, TP: SEK135.00) - Key KPI’s in a negative trend
We reiterate our SEK135 target price but have downgraded to HOLD (BUY). Long-term, we still see strong value-creation potential in Fabege but the Q4 report did not give us confidence that it will materialise near-term due to Fabege’s: 1) weak net letting trend; 2) expectations of declining project development volumes and gains; and 3) our expectations of modest FFO growth in 2021–2022e
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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