SBB Norden (No_rec, TP: SEK) - Higher DPS and more sales ahead
SBB Norden proposed a 2022 DPS of SEK1.44, up 9% YOY, while PFPM in its ‘earnings capacity’ was down 31% YOY. It announced it intends to continue to divest in 2023, which could lead to negative estimate consensus revisions. After the Q4 results, we forecast a ‘23–‘24 FFO of SEK1.07 per share after 11–9% estimate cuts due to our higher interest costs assumption.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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