Skanska is a project development and construction group, concentrated on selected home markets in the Nordic region, European countries and in the Americas. Co.'s business streams are: construction, which includes building and civil construction; residential development, which develops residential projects for immediate sale; commercial property development, which initiates, develops, leases and divests commercial property projects, with project development focusing on office buildings, retail and logistics properties; and infrastructure development, engaged in identifying, developing and investing in privately financed infrastructure projects, such as highways, hospitals and schools.
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.
The strong level of asset sales announced in CD/RD/ Central and order intake in Construction has led us to raise our forecasts, and we are now above consensus ahead of the Q4 results (due at 07:30 CET on 7 February). Due to the high valuation on all key metrics, we reiterate our SELL recommendation; however, we have raised our target price to SEK174 (168) on our updated peer valuation and earnings forecasts.
Summary Doosan Corp - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Doosan Corp (Doosan) is a diversified holding company. It carries out various businesses such as energy, water plants, engines, chemical process equipment, construction and engineering, hydraulic components, industrial vehicle, construction equipment and castings and forgings. The company also p...
At its CMD, Citycon stated it wants to develop from a shopping-centre company into a mixed-use asset company, and it has identified 4,500 residential building permits in its assets it is looking to develop. Given the lack of detail regarding investment volumes, time horizons, and rental/consumer sales product mix, the CMD raised more questions than it answered, in our view. Following the recent share price rally, Citycon is one of the most highly valued retail REITs in Europe, prompting us to downgrade to HOLD (BUY), while we have raised our target price to EUR11 (10.5).
In this minor sector note we take a look at Nordic real estate valuations, post the latest rally in share prices in the sector, which we believe has been fuelled by falling market interest rates. Implied yields have correlated closely with market interest rate trends, but with P/FFOs at record-highs and P/NAVs well above norms, we continue to have an overweight of SELL recommendations in the sector. We also note that changes to consensus EPS/FFO adjusting for lower funding costs are marginal compared with recent share price performances.
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