Logistea (Buy, TP: SEK18.00) - First full quarter after recent merger
Q4 profit from property management (PFPM) adjusted for extraordinary refinancing costs was 9% above our forecast. Other report highlights were: 1) ‘earnings capacity’ PFPMps grew by 15% QOQ; 2) management was optimistic on potential additional financing cost savings; and 3) it surprised us by proposing a small DPS of SEK0.1. The key negative, in our view, was a tenant bankruptcy raising the vacancy rate to 3.1% (2.6% in Q3). We reiterate our BUY and SEK18 target price.
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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