Hemfosa (Hold, TP: SEK120.00) - Soon a pure story
Hemfosa started accounting for Nyfosa as ‘Operations to be distributed to shareholders’, and the Q3 figures were thus not comparable to our forecasts. Of the combined SEK126.76/share in Q3 EPRA NAV, SEK53.64/share is to be transferred to the newly listed Nyfosa in the upcoming Nyfosa spin-off. We have updated our forecasts to reflect only ‘Hemfosa 2.0’, with a pure community service properties portfolio. We reiterate our HOLD recommendation, and have reduced our target price to SEK120 (130).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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