SBB Norden (Sell, TP: SEK19.00) - Fewer shares lift NAV and NIBD
SBB Norden consolidated Hemfosa in Q4; thus, the Q4 results are not directly comparable with our forecasts or consensus, but underlying Q4 figures appear weaker. While it no longer reports an “adjusted EPRA†including hybrids and D-shares (debt), it reported NAVs including goodwill. As the Hemfosa share settlement was lower than we expected, we have raised our 2020–2022e EPS and NAV on the reduced share count, but also our NIBD. SELL reiterated, target price now SEK19 (17).
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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