Castellum (Buy, TP: SEK245.00) - Back to BUY
We have upgraded to BUY (HOLD) and tweaked our target price to SEK245 (240) following the solid Q4 results. We have raised our estimates slightly and lifted our valuation yield due to rising long-term interest rates. Despite the recent management team turbulence, we consider the stock attractive given the expected strong 2022e FFOPS growth and attractive P/FFO valuation versus the sector and versus its historical P/NAV valuation.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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