Hemfosa (Buy, TP: SEK110.00) - Q3 in line with expectations
The Q3 report contained no surprises and the results were broadly in line with expectations. Following a change of analyst and minor estimate changes, we have upgraded the stock to BUY (HOLD) and raised our target price to SEK110 (92) based on a 2020e P/FFO of 14x. We believe Hemfosa’s cash flow is less cyclical than most peers, and expect this to enhance the P/FFO if the economic climate deteriorates.Hemfosa Fastigheter AB is a Sweden-based company engaged in long-term management of properties. It specializes in owning, managing and purchasing of properties primarily in Sweden. The Company's portfolio consists of office, commercial and industrial properties both for rental and sale. In June 2014, the Company acquired property in central Sundsvall and sold three properties in Vaxjo, Uppsala and Haninge.
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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