Castellum (Buy, TP: SEK125.00) - A step ahead of the rest
Following Castellum’s SEK10bn equity raise, we reinstate a recommendation with a BUY and SEK125 target price. With the equity raise in the rear-view mirror, while some sector peers have theirs ahead of them, we see the company as attractively valued at a 2024e P/FFO of 11x and a NIBD adj./EBIT of 10x. It is trading at an implied EBIT yield of 5.7%, based on Bloomberg consensus NTM – the highest since 2014.Castellum operates as a real estate company in Sweden. Co.'s real estate portfolio is located in five regions: Greater Gothenburg, Oresund Region, Greater Stockholm, Malardalen and Eastern Gotaland. At Dec 31 2013 Co.'s real estate portfolio comprised 626 properties, of which 324 were office/retail properties, 263 were warehouse/industrial properties, 16 were for project, and 23 were undeveloped land.
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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