Klövern (Hold, TP: SEK11.10) - Some potential but not near term
Rental income was slightly above estimates while adjusted EBVAT was slightly below. We believe there is potential from residential developments, Kista improvement, and increased occupancy, but we struggle to see this materialise in the near future. We keep our HOLD recommendation and have trimmed our target price to SEK11.1 (11.2).
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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