Kungsleden (Buy, TP: SEK79.00) - Forecasts cut, but upgraded to BUY
After the recent sell-off, Kungsleden is trading at a 25% discount to NAV, well below its historical average but in line with the current sector average. We have upgraded to BUY (HOLD) ahead of the Q1 results (due at 07:00 CET on 23 April), which we believe should show no earnings impact from Covid-19. We have cut our target price to SEK79 (113), having lowered our 2021–2022e EPS by 6–8% on our expectation of increased vacancies and higher interest rate margins following the Covid-19 crisis.Kungsleden is a property company based in Sweden. Co.'s property holdings consist of commercial premises in Greater Stockholm, Malardalen, southwest Sweden and growth towns in Norrland. The portfolio is segmented into Office, Industrial/warehouses, Retail and Other. Co.'s operating segments are properties, which manage and develop properties and provides premises for external customers; and Nordic Modular, which lets modular buildings in a corresponding way as traditional premises and also produces and sells modules to external customers. As of Dec 31 2013, Co. had 366 total properties, of which 139 were offices, 135 were industrial/warehouses, 68 were retail, and 24 were other properties.
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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