Wihlborgs (Hold, TP: SEK90.00) - Miss on PFPM, DPS streak rolling
Key positives in the report were its raised DPS, which makes Wihlborgs stand out versus most peers, and there were asset value write-downs of only -0.5% in Q4 (or -2.3% since peak book values), which surprised us. Furthermore, its net-letting were once again solid at +SEK18m. However, the market focused on the 8% miss on PFPM. We forecast a flat FFOPS in 2024, and a 9% increase in 2025. We consider the stock fairly valued, trading at only a 5% discount to last reported NAV. We reiterate our HOLD and SEK90 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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