Cutting FFO on higher payable tax
While the company reported profit from rental operations in line with our forecast, we have cut our FFO forecast for Hufvudstaden given its increased payable tax rates. NAV was written up in Q2 as yields were lowered again, even as low as 3.4% on the most prime assets, a level still not seen in the transaction market. We reiterate our SELL recommendation and SEK130 price target.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.