Fabege (Hold, TP: SEK170.00) - Forecasts cut on delays, guidance and interest rate
With no local snowfall in Q4, Fabege reported an EBIT beat on lower costs. An asset value rise owing to market rents and a lowered yield led to an EPRA NAV of SEK201/share. However, the guidance for 2018/9 and delays to two major projects have prompted us to cut our forecasts. With rising interest rates, we have also raised our yield and financing cost forecasts. We stick to HOLD but have cut our target price to SEK170 (180).
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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