Klövern (Buy, TP: SEK12.00) - High returns on high LTV
Klövern beat Q4 rental forecasts, but reported EBIT was SEK11m shy from a one-off tenant maintenance charge. Increased market interest rates (FRA and SWAPs) have led us to raise our financing forecasts, and as we have also adjusted our tax cost forecast for the new Swedish tax law proposals, we have cut EPS and FFO forecast and in turn have cut our target price from SEK13 to SEK12 - but with still-strong P/FFOs, we reiterate our BUY recommendation.
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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