Lundbergs (Hold, TP: SEK510.00) - Still little to write home about
Lundbergs’ YTD NAV growth of 14% has trailed both the SIXRX at 35% and sector peers at 26%. We still expect a lukewarm 5% 12-month forward NAV growth based on our updated portfolio view, to which we apply a 5% discount to NAV target to arrive at our new SEK510 (530) target price. However, we have upgraded to HOLD (SELL) as we have seen most of the expected multiples contraction materialise. That said, we note that, should Lundbergs close the YTD gap to the OMXS Real Estate Index, to which it has shown 98% correlation historically, it would imply ~30% potential upside.L E Lundbergforetagen AB is an investment company that manages and develops a number of companies. The asset portfolio includes the wholly owned real estate company, Fastighets AB L E Lundberg, the publicly traded subsidiaries, Hufvudstaden and Holmen and the associated companies, Indutrade and Husqvarna. Co. also has major shareholdings in Industrivarden, Handelsbanken, Sandvik and Skanska. Co.'s subsidiary, L E Lundberg Kapitalforvaltning, is engages in securities trading. Operations consist of real estate operations, the manufacture and sale of printing paper, paperboard and sawn timber products, forest and power operations, and equity management (including securities trading).
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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