SBB Norden (Sell, TP: SEK28.00) - Deleveraging mode
We reiterate our SELL due to the challenging market conditions, top-tier common-share gearing and capital-market-tilted debt structure. The change in the equity story from growth to deleveraging (awaiting a market recovery) in our view makes SBB a dividend case near-term (4.4% in 2022e), while its historical multiples lose comparability. We have cut our target price to SEK28 (33) after tweaking the risk premium, our landbank values and marked-to-market value for all its listed stock holdings.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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