Wihlborgs (Buy, TP: SEK210.00) - Solid cash returns appeal; BUY
We calculate ongoing developments, the group’s latest acquisitions, and CPI will push rental income up by c23% between 2017 and 2020, and with strong funds from operations (FFO) we have upgraded Wihlborgs to BUY (HOLD) after the recent sell-off. The Q4 operating results were in line with our forecasts, and EPRA NAV was reported at SEK228/share (+17% YOY) on unchanged yields YOY. After increasing our estimates we have raised our target price to SEK210 (203).Wihlborgs Fastigheter AB is a Sweden-based company active within the real estate sector. The Company is engaged in the ownership, management and development of primarily commercial real estate properties in the Swedish cities of Malmo, Lund and Helsingborg, as well as Copenhagen in Denmark. The Company operates two divisions, namely Property Management, which is organized in nine geographically defined sub-areas, and Business Development, which consists of two units: Project & Development, and Transactions. Projects & Development deals with new build and redevelopment projects, as well as procurement, while Transactions manages all the Company's purchases and sales of properties.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.