Klövern (Sell, TP: SEK22.30) - Eyeing US development profits
We reiterate our SELL following the Q4 results but have raised our target price to SEK22.3 (14.0) based on strong NAV growth, our belief that interest rates will remain low, and updated peer valuations. Klövern is optimistic on development profits in New York, despite not yet signing any leases on the three projects, and has guided for a value gain of cSEK2.5 per share on project completion.
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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