Klövern (Sell, TP: SEK14.00) - Less cash flow, more developments
With the share price up by 60% YTD, we consider the valuation demanding. In Q3, Klövern divested high-yield assets in regional Swedish cities and started a new office development project in New York, which further supports our view that the company is becoming more project-driven and less by cash flow. Following a change of analyst, we reiterate our SELL but have raised our target price to SEK14 (12.3) on trimmed operational costs estimates and lowered valuation yield.
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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