Klövern (Hold, TP: SEK15.00) - Weak net moving-in
We have reduced our target price to SEK15 (16.5) and reiterate our HOLD following the Q3 report, as we have cut our 2021–2022e EPS by 5–3% given weak net moving-in and LFL rental growth figures. We believe the high leverage and the risks in its ongoing developments justify an NRV discount, but this appears well reflected in the stock, which is trading at a 31% NRV discount.
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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