KMC Properties (Buy, TP: NOK7.50) - Solid FFOps growth expected
With positive revisions from lower market interest rates, updated CPI adjustment for rents and an updated share count from the NOK275m equity issue in Q4, we have raised our NAV and FFO forecasts for KMC Properties. At the Q4 results, due at c07:00 CET on 22 February, we expect a 35% YOY hike in rents and 51% increase YOY for FFOps on acquisitions. The stock continues to trade at one of the most attractive implied yields of the names in our coverage, and despite low liquidity we see upside potential. We have raised our NAV-based target price to NOK7.5 (7) and reiterate our BUY.Storm Real Estate ASA is a Norway-based investment company active in the real estate sector. It is engaged in both direct ownership and management of commercial property in Russia and the European Economic Area (EEA) and in indirect ownership by taking positions in other companies through the purchase of shares or commercial papers. As of December 31, 2013, the property portfolio of the Company consisted of two office buildings: Gasfield in Moscow and Grifon House in St. Petersburg, with a total lettable area of approximately 20 000 square metres. Both buildings are let to companies within the oil, gas and pharmaceutical industries. As of December 31, 2013, the Company had nine wholly owned subsidiaries based in Russia and Cyprus, such as OOO Martex, CJSC Grifon, Tiberton Yard Ltd, Tiberton Yard Holding 2 Ltd, Tiberton Yard Finance Ltd, Gasor Consulting Ltd, Pete Ltd, Avonglade Ltd and Storm Real Estate Ltd.
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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