SBB Norden (Sell, TP: SEK4.00) - 40% NAV drop QOQ
SBB saw one of its sharpest-ever QOQ NAV drop in Q2. The real estate business was solid, but financial issues persisted, which we believe could lead to deep discounts in the potential upcoming asset divestment. We reiterate our SELL and have cut our target price to SEK4.0 (5.0) on rising financial risks and potential dilutive equity raises and equity class restructuring.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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