SBB Norden (Sell, TP: SEK9.50) - Looking for more equity
We reiterate our SELL and have cut target price to SEK9.5 (10) on the Q1 results. The key risks remain dilutive equity raises and/or the loss of its investment grade credit rating, which could reduce our 2023e FFO adj. by c20% due to bonds’ credit-margin step-ups.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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