Wihlborgs (Buy, TP: SEK158.00) - NAV growth driven by FX
Following the Q1 report, we have tweaked our model and trimmed our 2021–2022e EPS by 2% on updated revenue, interest rate margins, and net interest-bearing debt forecasts. We still find the P/FFO multiple (12x in 2020–2022e) attractive and we see upside potential for Wihlborgs shares despite it being one of few names whose stock is trading in line with its last-reported NAV. We reiterate our BUY and have raised our target price to SEK158 (152) based on our updated valuation.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.
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