Wihlborgs (Hold, TP: SEK90.00) - Fairly valued, downside risk to BV
We have downgraded Wihlborgs to HOLD (BUY) due to the strong share price performance. We find the stock fairly valued due to a soft FFOPS outlook for 2024e and as the stock is trading in line with reported NAV (despite Wihlborgs having written down its asset values the least among our coverage). Following weak transaction evidence in the Malmö office market, we see a risk of material write-downs in Q4, a possible catalyst. Given the drop in interest rates, we have raised our 2024–2025e FFOPS by 2–7% and our target price to SEK90 (85).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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