Balder (Buy, TP: SEK90.00) - Somewhat improving vacancy rate
Key highlights from the solid Q4 were: an improved vacancy rate (4.1%, Q3 4.4%); broadly flat property values (we expected a minor write-down); and optimistic comment regarding significant room for investments. We have cut our 2025–2026e FFOps by 4%, as we were too low on financial costs, but are still 3% above consensus on 2025e PFPM. We reiterate our BUY and SEK90 target price, due to the strong FFOps growth momentum in 2025e, low vacancy risk, and potential improved sentiment from re-entering growth mode.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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