Klövern (Hold, TP: SEK15.50) - Fairly priced
We have upgraded to HOLD (SELL) prior to the Q1 results (due at 07:30 CET on 24 April). Even though we find the cash-flow multiple attractive at 12x, we find the common shares too highly geared at 69% (when including preference shares and hybrid bonds in the debt). We have cut our target price to SEK15.5 (20.8), having lowered our 2021–2022e EPS by 2–7% on our expectation of increased vacancies and higher interest rate margins following the Covid-19 crisis and the company’s latest acquisition in New York.
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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