Klövern (Sell, TP: SEK20.80) - Target price cut to reflect change to reported key ratio
In a correction to our Q4 results review published yesterday, we have cut our target price to SEK20.8 (22.3) after factoring in a change in how Klövern calculated EPRA NAV. In the Q4 report, the company used the average issuing price of preference shares (which we estimate inflated EPRA NAV by c9%), while we use the market value. However, given the potential downside, we reiterate our SELL.
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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