Self Storage Group ASA (Hold, TP: NOK25.00) - Longer-term symptoms
While we do not expect the Covid-19 lockdown to affect the Q1 results (due at 08:00 CET on 8 May), we fear the pandemic and the oil price fall will lead to lower economic growth in Norway, and have reduced our market rent and occupancy rate forecasts for SSG. The strategic review does not appear to have been concluded, thus there is still potential for a sale of the company, albeit weaker given recent events, in our view. We reiterate our HOLD, but have cut our target price to NOK25 (30).
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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