Wihlborgs (Buy, TP: SEK190.00) - Top-line miss
We have trimmed our EPS estimates by 3% and our target price to SEK190 (195) following the Q4 revenue miss (3% below us), somewhat weak guidance on 2021e vacancy rate, and the decline in LFL rental income (-0.9%). However, we still see upside potential and believe Wihlborgs would benefit from acquiring cash flow properties in its existing clusters, or logistics in Denmark, reaching an LTV of 50–55% again (currently record low at 48%).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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