Wihlborgs (Buy, TP: SEK85.00) - PFPM in line with consensus
We have cut our target price to SEK85 (90) on a tweaked valuation yield, but reiterate our BUY. Q3 PFPM was in line with consensus. We have cut our 2024–2025e EPS by 1-6% due to updated interest rate assumptions and as we now only include projects with signed letting contracts. Despite much of the rise in rates already in its funding costs (3.9% in Q4), the stock is trading at a 2024e P/FFO of 12.8x, which we consider attractive versus its peer group, given limited refinancing risk and good earnings visibility.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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