SBB Norden (Hold, TP: SEK60.00) - Asset values on the rise
We reiterate our HOLD following the Q3 report, but have raised our target price to SEK60 (50), which corresponds to our 2025e NAV forecasts and in our view indicates that much of its strength is already in the share price. SBB continues to sharply outperform sector peers on unrealised value gains, expanding profit margins and in earnings guidance growth.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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