SBB Norden (Hold, TP: SEK3.10) - Almost just optionality value left
We have upgraded to HOLD (SELL) as the sell case seems played out, and the near-term risk/reward has less appeal given the stock is priced like an option (market cap/EV adj of 5%). We have raised our 2024e FFOPS to SEK0.93 due to the EduCo deal, but have cut our target price to SEK3.1 (4.0) due to material refinancing risks.Samhallsbyggnadsbolaget I Norden AB, formerly Effnetplattformen AB, is a Sweden-based company, which owns community properties in the Nordic region, as well as rental apartments in Sweden. It cooperates with municipalities and other tenants on a long-term basis. The Company operates Offentlige Bygg AS as subsidiary.
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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