Castellum (Buy, TP: SEK136.00) - Soft Q4
Lacklustre Q4 results included: 1) more asset write-downs than peers; 2) weak net lettings; and 3) management’s somewhat soft comments on rental markets. We have cut our 2024-2025e EPS by 2%, and cut our target price to SEK136 (150) after adjusting our risk premium following the soft Q4 results. However, we still consider the stock attractively valued at a P/FFO of 13x, and reiterate our BUY.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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