SBB Norden (Sell, TP: SEK17.00) - Too many equity tiers, too little detail
SBB Norden (SBB) has emerged as an active force in the Nordic real estate sector, and despite outbidding rivals on deals, has also enjoyed among the strongest gains in asset values in recent years. However, transactions have largely been financed by debt and debt-like equity instruments – which SBB includes in its own calculation of adj. EPRA NAV. We initiate coverage of the B shares with a SELL and SEK17 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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