Klövern (Sell, TP: SEK11.20) - Quantity over quality
Quantity over quality Klövern has been busy with acquisitions recently, namely Agora (a retail-focused company that had traded at a 60% NAV discount), Tobin Properties (a residential developer, for which we question the timing and rationale), and development properties on Manhattan (a new market). Combined with rising bond spreads and the highest LTV in the sector, we have downgraded our recommendation to SELL (HOLD) following a change of analyst, and lowered our target price to SEK11.2 (11.6).
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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