Balder (Sell, TP: SEK400.00) - The associates raise forecasts
Balder has never been known for transparency or high visibility, but often the opposite. This seems to be the case in the new earnings capacity guidance, where associated companies are guided to report SEK1.1bn, or c30% of the guided bottom line. The Q4 report was in line with consensus on EBIT and 3% above our forecast. Post the updated guidance on new investments, especially into associated companies (guidance up 51% QOQ), we have lifted our EPS 2021e by c11%. We reiterate our SELL but have lifted our target price to SEK400 (385) as we publish our 2023 forecast and roll forward valuations.Fastighets AB Balder is a Sweden-based company engaged in the acquisition, development and management of residential and commercial real estate. The Company's real estate portfolio is comprised primarily of residential real estate and is located in such cities, as Stockholm, Gothenburg, Lund, Malmo, Norrkoping, as well as in regions outside metropolitan areas of Sweden and in the Copenhagen region in Denmark. The Company's subsidiaries include Balder Storstad AB, Balder Mellanstad AB, Din Bostad Sverige AB, Egby Vindkraftverk AB and Serena Properties AB.
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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