Klövern (Hold, TP: SEK11.60) - 74% LTV and aims to grow
Q4 beat our forecasts, as Klövern included Agora in its Q4 figures (one quarter ahead of our assumption). While LTV is c60%, including the SEK1.3bn in hybrid bonds and SEK5bn in outstanding preference shares, we believe the risk-adjusted LTV is c74%. After updating our forecasts to better reflect the hybrid bond and the higher than expected Q4 financing costs, we have cut our 2019e EPS by 6% and 2020e by 14%. We reiterate our HOLD and SEK11.6 target price.
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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