Hemfosa (Hold, TP: SEK119.00) - Filled up at fair value
Hemfosa yesterday issued 10m new shares in the anticipated equity issue ahead of the demerger of the company. Following the recent share price gains, we have downgraded our recommendation to HOLD (BUY); our target price remains SEK119. Ahead of the Q2 figures due at est. 08:00 CET on 19 July, we are in line with consensus.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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