Balder (Hold, TP: SEK67.00) - Long-awaited bond market rebound
Falling market interest rates and positive indications in the bond market have reduced refinance risks and fuelled a strong share-price performance for Balder in Q4. We consider the stock fairly valued and reiterate our HOLD ahead of the Q4 results, but after increasing our 2024–2025e FFOPS by 6–10%, we have raised our target price to SEK67 (48) on lower refinance risk. We believe focus in our forecast horizon will be on deleveraging, translating into muted growth in 2024–2025e.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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