Wihlborgs (Buy, TP: SEK100.00) - Steady performer
Q4 results were solid with good net letting, a 4% beat to consensus on EBIT and solid rental market guidance. Although we expected the Q4 asset write-down to be lower for more high-yielding real estate assets, we believe its flat asset values QOQ to be a bit optimistic. Nonetheless, we reiterate our BUY and have raised our target price to SEK100 (95) on our higher estimates.Wihlborgs Fastigheter is a property company that focuses on commercial properties in the Oresund region. Co.'s property portfolio is located in Malmo, Helsingborg, Lund and Copenhagen. At Dec 31 2013, the property portfolio consisted of 264 properties, including 12 with site leasehold rights, with a total lettable area of around 1.5 million square meters.
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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