Wihlborgs (Buy, TP: SEK195.00) - Another solid quarter
We reiterate our BUY as we consider the stock attractively priced on its FFO (14x 2023e), and given the current funding market, we like its bank-tilted funding structure and reasonable common share leverage (45% LTV in 2022e). The assets are appealing in our view, and we believe Q1 underlined solid demand and performance. We have cut our target price to SEK195 (210) on raised market risk premiums.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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