SBB Norden (Sell, TP: SEK26.00) - Q2 earnings miss, but asset value gains impress
Soft Q2 EBIT was reflected in YTD EPRA earnings EPS (FFO/share) of SEK0.40/share (down 7% YTD). However, SBB reported a SEK5.1bn (or c4.8%) value gain on its real estate assets QOQ, taking YOY gains to c14.4%, well above peers’. We reiterate our SEK26 target price (based on NAV (EPRA NTA)), and our SELL given the potential downside.
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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