DnB Markets - Wihlborgs Fastigheter AB Wihlborgs (Buy, TP: SEK195.00) - Set for strong NAV growth

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DnB Markets

Niklas Wetterling

EUR 445.86 For Business Accounts Only

Wihlborgs (Buy, TP: SEK195.00) - Set for strong NAV growth

Following Q3 results in line with our forecasts, we reiterate our BUY and SEK195 target price as we still forecast strong NAV growth. However, we note that the attractive cash-flow valuation multiple has compressed versus peers (as Wihlborgs is trading at a 2021e P/FFO of 15x versus peers at 16x) due to share price movements and its divestments/deleveraging. We believe Wihlborgs would benefit from acquiring cash-flow properties in its existing clusters in the coming quarter, reaching an LTV above 50% again.

23/10/2020 20 EN

Underlying

Wihlborgs Fastigheter AB

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.

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SE0001413600 Pink OTC Markets Sweden

Provider

DnB Markets

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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Analysts

Niklas Wetterling

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Wihlborgs (Buy, TP: SEK195.00) - Set for strong NAV growth

Wihlborgs Fastigheter AB: 1 director

Acquisitions and an equity issue

CMD, an upgrade, and events

Airthings (No_rec, TP: NOK) - Recommendation and target price withdrawn

SpareBank 1 Helgeland (Hold, TP: NOK167.00) - Softer margin, but lower costs

Smartoptics (Buy, TP: NOK27.00) - We remain optimistic

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