Self Storage Group ASA (Buy, TP: NOK21.00) - Soft Q1, but still on track
Q1 KPIs for gross lettable area (GLA), occupancy and rent were short of our estimates, and the IFRS16 impact was slightly larger than we expected. However, management reiterated its target of opening 10,000sqm of new GLA in 2019. We have trimmed our 2019–2021 sales forecasts to reflect lower KPIs. However, we reiterate our BUY 21NOK recommendation.
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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