SBB Norden (Sell, TP: SEK20.00) - Q3 earnings miss, but NAV up
Q3 adj. EBIT was weaker than our estimate and consensus, but SBB’s NAV rose on a 4.7% marked-to-market asset value gain. After factoring in the Q3 results, recent transactions and the new mandatory convertible bonds, we have lowered our 2021–2022e FFO and EPS. However, we have raised our target price to SEK20 (15.5) on our updated NAV, but given the potential downside we reiterate our SELL.
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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