Sagax (Hold, TP: SEK235.00) - More terminations and low forecast
Q4 PFPM beat our forecast by 3%, while a key negative was the rise in lease terminations, indicating a coming rise in vacancy rates, and a low 2025 PFPM forecast of SEK4.4bn, up just 2.4% YOY. Sagax is trading at a 67% NAV premium (adjusted for listed holdings at market value), or a 2026e P/FFO (based on our M&A scenario) roughly in line with our broader peer group. We reiterate our HOLD, but have cut our target price to SEK235 (240).
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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