Public Property Invest (Buy, TP: NOK21.00) - Hiring for growth
Q3 gross rental income and EBIT were in line with our estimates, but refinancing resulted in higher financing costs, and FFOps trailing our forecast. The Jærveien 33 acquisition (to be settled in new shares and cash) has prompted us to raise our 2024–2026e revenues by 0.5–2.0%. André Gaden has been named new group CEO, and management said it would be hiring more admin staff to position the business for growth. We reiterate our BUY and have raised our target price to NOK21 (20).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.