SBB Norden (Sell, TP: SEK15.00) - Reducing NIBD, crystallising value
Since its Q1 results, SBB has announced cSEK8.7bn of asset sales and SEK400m of acquisitions. This has prompted us to reduce our 2020–23e earnings and NIBD. Our 2020e NIBD adj*/EBITDA is now 17.1x (previously 18.4x). The majority of the transaction volumes seem to have been at the Q1 asset valuation, crystallising the Q1 EPRA NTA of SEK14.05/share. We reiterate our SELL, but have raised our NAV-based target price to SEK15 (14.5) on updated forecasts.
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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