Klövern (Hold, TP: SEK16.50) - A low-activity quarter
Q3 saw little activity, with no press releases, transactions or new leases announced. We reiterate our HOLD ahead of the results (due 07:30 CET on 21 October) and have raised our target price to SEK16.5 (14). We still expect the vacancy rate to rise gradually, but at a slower rate. We have also made adjustments to our LFL rental growth forecasts, and raised our 2021e EPS by 5%.
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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