SBB Norden (Hold, TP: SEK4.50) - Falling rates could help divestment
We reiterate our HOLD but have raised our target price to SEK4.5 (3.1), as we have increased our 2024–2025e FFOPS by 5–17% on falling market interest rates. We expect declining rates to improve the transaction market in 2024, allowing SBB to continue deleveraging and reduce near-term refinancing risks, but forecast high share price volatility throughout 2024.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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