Hufvudstaden (Hold, TP: SEK127.00) - Warranted NAV discount
The Q1 results were in line with our estimates and consensus. Asset values were lifted by 1.4% QOQ, and the vacancy rate improved slightly. We believe the current NAV discount is fair given the high exposure to retail and low valuation yields used in general. We reiterate our HOLD recommendation and have raised our target price to SEK127 (120).
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.