Hemfosa (Hold, TP: SEK92.00) - Inversion of yield curve raises NAV
As market interest rates have fallen significantly, we have raised our NAV forecasts to reflect lower expected yields. However, with the shares having rallied recently, we reiterate our HOLD recommendation, while we have raised our target price from SEK80 to SEK92. We are in line with consensus ahead of the Q2 results due at 08:00 CET on 16 July.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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