Wallenstam (Sell, TP: SEK55.00) - Forecasts cut on conversions
The Q4 results were broadly in line with our forecasts, but rising market interest rates have prompted us to cut our forecasts for the rental operations. And with the conversion of four residential projects from CO-OP (for sale to consumers) to rental assets, we have cut our revenue forecasts for apartment sales and profits. We have also updated our forecasts for higher interest rates and the proposed tax law. On lowered forecasts and rising interest rates, we have cut our target price to SEK55 (68). We reiterate our SELL 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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