Fabege (Hold, TP: SEK135.00) - Lack of near-term upside potential
We reiterate our HOLD and SEK135 target price. Long-term, we still see strong value-creation potential, with news on the new residential development strategy (c8,000 units under building rights) an upcoming focus point. However, following the Q1 report we await a better entry point, as: 1) net lettings were below expectations; 2) we expect declining project development volumes and gains in 2021–2022; and 3) the higher than normal volume of leases expiring could be a concern near-term.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.