Castellum (Buy, TP: SEK187.00) - Untouched asset values
We reiterate our BUY after a solid Q1 report, with earnings before tax 3% above consensus, and flat value gains. We still see the shares as attractively valued on cash flow multiples given its asset risk, strong balance sheet, and solid dividend trend. We have trimmed our 2021–2022e EPS by 3–4% on raised net interest costs and slightly lower revenues, leading to a new target price of SEK187 (191).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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