Klövern (Hold, TP: SEK15.00) - Upcoming bond maturity
The Q1 results were below expectations, with net rent 3% below consensus. The quarterly net move-in was surprisingly weak, hence the vacancy rate increased to 11%. We have lowered our 2022e EPS by 9% after trimming our revenue and interest cost forecasts. Despite the c39% EPRA NAV discount, we reiterate our HOLD, exercising caution ahead of the upcoming bond maturity in 2020e. We have cut our target price to SEK15 (15.5) following our forecast changes.
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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