Swedish Property: Kepler Cheuvreux says "hold"
23/01/2020 09:48
** Kepler Cheuvreux raises asset-based target price on four
Swedish real estate companies expecting lift in property
revaluations
** "What we now see is that the whole sector is trading at a
15% premium," it says
** The broker lifts target price on Corem COREa.ST by 15%
to SEK 28.5 and cuts its rating to "hold"
** Says that given the very fast share price increase, the
stock has now become less attractive
** According to Kepler it's time to become more cautious on
Klovern KLOVa.ST -- cuts to "hold" given downside risk and ups
target price to SEK 24 from SEK 18.10
** Says that it is "unfair" that on a cash flow multiple
basis, Klövern now trades in line with the sector despite its
higher leverage and large exposure to Kista, which represents
roughly 25% of Klövern's property value
** The broker cuts Balder BALDb.ST to "hold" from "buy" on
valuation grounds and raises target price to SEK 460 from SEK
400
** On the other hand, Kepler upgrades NP3 NP3.ST to "hold"
from "reduce" citing slight upside potential and raises target
price by 32% to SEK 128
** The broker says it expects NP3 to report increased rental
income in Q4, due to a number of acquired properties during H2
2019
((marta.frackowiak@thomsonreuters.com))