Public Property Invest (Buy, TP: NOK22.00) - Rigged and amped for growth
Run-rate rental income increased by c8% QOQ, and we expect another c6% in Q1 due to pending transactions. However, given Public Property Invest’s solid balance sheet, we believe additional transactions could lead to even higher rental income for 2025. The Q4 results were lower on EBIT and higher on FFO versus our estimates due to one-offs, but supported our underlying 2025 forecasts. We reiterate our BUY and NOK22 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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