Wihlborgs (Buy, TP: SEK210.00) - Strong Q4 results trigger upgrade
We have upgraded to BUY (HOLD) following the strong Q4 results in which the highlights were: 1) record strong net letting; 2) a strong LFL rental growth recovery; and 3) strong asset value gains of 3.3% (following two years of underperformance versus the sector average). For our BUY case to materialise, we believe its acquisition pace will need to increase, which we saw some indications of in Q4. We reiterate our SEK210 target price.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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