Hemfosa (Hold, TP: SEK130.00) - Better apart than together
On 13 September, a general meeting approved the distribution of Nyfosa shares in Q4 2018. Based on our forecast, cSEK44/share of the reported Q2 EPRA NAV of SEK119/share will transfer to the newly listed Nyfosa. The Q3 figures, due at c08:00 CET on 7 November, will be the last combined report for Hemfosa and Nyfosa. However, with the shares trading at a NAV premium, we have downgraded our recommendation to HOLD (BUY), while we have raised our target price to SEK130 (124).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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