SBB Norden (No_rec, TP: SEK) - Value uplifts, but an NOI miss
On lowered yields SBB reported a SEK3,265m (+c4% QOQ) value gain, and its asset gains ended 2020 up a solid SEK8.5bn, or 10.5%. However, operational figures were below our forecast and Infront consensus. Post Q4, we have reduced our FFO and EPS forecast. We continue with no recommendation or price target as DNB is acting as financial advisor to SBB, Samhällsbyggnadsbolaget i Norden AB, in connection with the possible acquisition of Entra ASA.
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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