SBB Norden (Hold, TP: SEK50.00) - ‘Black belt’ in NAV growth
We have upgraded SBB to HOLD (SELL) and raised our target price to SEK50 (31) following a change of analyst and as our NAV forecast now reflects a more optimistic yield compression outlook. We find several stock valuation metrics stretched versus peers, but this seems offset by a top-tier track-record of asset value gains (14.4% LTM) and NAV growth (72% LTM) that look set to continue given a heated transaction market.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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