Wihlborgs (Hold, TP: SEK120.00) - Down on valuation and vacancies
After a long period of seeming almost immune to the softening rental market, Q4 finally revealed weakness, as the vacancy rate rose to 10.5% (8.2%). Wihlborgs’ strong outperformance versus office peers has made it Europe’s most expensive office stock, trading at a 17% premium to NAV (EPRA NRV). We consider the stock almost fully valued near-term and have downgraded to HOLD (BUY) and cut our target price to SEK120 (125).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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