Hemfosa (Buy, TP: SEK125.00) - Divide and grow
With Hemfosa looking at splitting into two separate companies, we believe it might seek to raise new capital. Both entities would have promising outlooks in our view. The potential ‘community service’ company could become a takeover candidate, while we believe the proposed ‘opportunistic’ firm would make value-adding transactions, taking advantage of distressed sellers in a slowing residential market. We initiate coverage with a BUY recommendation and NAV-based target price of SEK125.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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