SBB Norden (Sell, TP: SEK15.00) - New promises
In connection with its CMD, SBB tweaked several 5-year financial targets presented at the 2019 CMD. We have not reflected these new growth targets in our forecasts. Focus in the presentation was on operational risk, and management asserted several times that it has “the safest assets in the worldâ€. SBB also emphasised its development plots, and sought to compare them to peers, but we felt management overlooked their geographical profile versus JM, Veidekke, etc. We have made limited forecast changes, and reiterate our SELL and SEK15 target price.
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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