Wihlborgs (Hold, TP: SEK190.00) - In line with consensus for Q3e
Q2 saw a 3-year high in quarterly net lettings; however, the weak LFL rental income growth trend is a concern, and capping the potential upside in our view. There was limited news flow in Q3, and we have made only minor changes to our 2021–2023e EPS for updated net interest rate forecasts and small new lettings. We are bang in line with consensus on Q3e gross and net rental income and property management profits (results due at 07:30 CET on 22 October). We have cut our target price to SEK190 (210) on updated peer multiples, and reiterate our HOLD.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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