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Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger

Klövern - Attractive multiples but high leverage

NOI to decline (3% y-o-y) for the fifth consecutive quarter Significant upside if Manhattan leasing is successful We retain our HOLD rating as the jury is still out

Thanks to a better fundamental star rating, KLOVERN AB sees an upgrade...

The independent financial analyst theScreener just awarded an improved star rating to KLOVERN AB (SE), active in the Real Estate Holding & Development industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date March 30, 2021...

Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger

Klövern - Earnings momentum likely to improve in ´21e

´21e CEPS to fall due to the dilution from the rights issue Leasing of Manhattan projects both a potential and a risk We reiterate HOLD and our TP of SEK 15

Tobias Kaj ... (+2)
  • Tobias Kaj
  • Victor Krüeger

Klövern - CEPS fell 16% ´20 and continueds down ´21e

Recurring PTP grew 1% in Q4 but fell 11% in 2020 56.5% net LTV despite dilutive right issue ‘21e P/CE of 16x vs 14x in Wihlborgs with lower gearing

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