Wallenstam (Sell, TP: SEK40.00) - Interest-rate sensitive due to low-yielding asset base
We are broadly in line with consensus on Q4e PFPM. We forecast an asset value writedown of 2.5% QOQ (noting that Q4 is Wallenstam’s main value-revision quarter). We have cut our 2025–2026e FFOPS by 9% due to divestments and rising interest rates, to which the company is sensitive given its 2025e NIBD/EBIT of 17x. We reiterate our SELL, based on a too-rich P/FFO valuation, and have cut our target price to SEK40 (48).Wallenstam Byggn is a property company that builds, develops and administers properties for sustainable living and the pursuit of business in Stockholm and Gothenburg. Co. is also a producer and supplier of renewable energy through its subsidiary, Svensk NaturEnergi (NaturEnergi). Operations were run in three business areas - properties in the Gothenburg and Stockholm regions and renewable energy through NaturEnergi. The two property regions also include responsibility for leasing and management of housing and commercial premises together with planning and construction work. Operations at NaturEnergi consist of both the generation of, and trade in, renewable energy.
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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