Castellum (Buy, TP: SEK203.00) - Earnings beat and positive outlook
Castellum had a strong Q2, beating consensus EPS adj. by 13%. We have raised our 2022e EPS by 7% after adding three community service developments and trimming our net interest cost forecasts. Its low LTV of 43% leaves room for acquisitions, in our view, and the strong development pipeline (solid 80% pre-letting ratio) should contribute to growth. Asset valuation wise, we see some upside potential in the community service and logistics segments, which have been performing well in the transaction market. We reiterate our BUY and have raised our target price to SEK203 (187).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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