Potential in Swedish residential
While we remain bearish on the Swedish residential market, the limited information on Klövern Living means we (and consensus) do not reflect earnings from this in our forecasts, only as plots in the NAV. Thus residential developments might boost EPS once they start/complete or more information is disclosed. We retain our BUY recommendation, with a SEK13 target price based on NAV and rental operations.
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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