SBB Norden (No_rec, TP: SEK) - Extra shareholder distribution
The Q3 results led to minor estimate changes, as net rent was in line with consensus and adj. PFPM (including JVs) was in line with our estimate. The reported NAV (EPRA NTA) was SEK34.7/share (-6% QOQ including dividends paid). The key take-aways were the: 1) plan to spin off an SEK18bn residential portfolio to shareholders; 2) 2023 common-share DPS guidance at least flat YOY; and 3) a ‘few weeks’ delay to the previously announced potential SEK9bn asset divestment (previously 31 October).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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