Castellum (Buy, TP: SEK250.00) - Looking for the last 1.8%
We reiterate our BUY and have raised our target price to SEK250 (227) ahead of the Q2 results (due at 08:00 CET on 15 July) based on an updated peer valuation. We still see an attractive long-term case given Castellum’s record-large portfolio of ongoing projects, which we believe should lift 2023 earnings. Castellum only lacks 1.8% to reach 20% ownership in Entra, which should trigger an accounting-method shift and have a positive effect on several metrics such as FFO.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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