The deleveraging will continue
We expect a decision on the proposed Swedish interest rate deduction cap in Q2; while near-term cash effects are limited, tax optimisation rewards deleveraging. Based on rising interest rates, we expect yields to have bottomed. Although the residential slowdown should reduce office/residential conversions, we expect continued strong rental markets due to the economic outlook. We expect no Q4 reporting surprises. We keep our Neutral sector stance.Olav Thon Eiendomsselskap is engaged as a property operator. Co.'s property portfolio is broken down into the following property segments: shopping centres and commercial property. At Dec 31 2013, Co.'s shopping centres comprised the management of 87 shopping centres, of which 27 are managed for external owners.
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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