SBB Norden (Sell, TP: SEK14.50) - A new reality sets in
After close on 31 March, SBB announced that the LOI to sell SEK8bn of assets to Nyfosa has not materialised due to changes in market conditions that led Nyfosa to walk away for now. We have raised our EBIT forecasts, but also our NIBD and LTVs. As the company is not able to sell its assets as indicated in the LOI on 17 January, we see no reason for the stock to be trading above its NAV (ex. goodwill). Hence, we have downgraded it to SELL (HOLD). We set our NAV-based target price at SEK14.5 (13.7), in line with EPRA NNNAAV as at Q4.
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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