Castellum (Buy, TP: SEK280.00) - Valuation gap likely to contract
Following the acquisition of Kungsleden, we have updated our estimates, which has lifted our ‘22–‘23e EPS by 13–10%. We expect the initial NAVPS effect to be neutral (last reported at SEK230, or a 9% premium versus the peer group at 36%). We are positive on the stock, and foresee strong FFOPS growth momentum in 2022e following the full effect from the Kungsleden deal and Castellum’s 32% stake in Entra, which should lift its 2022e FFOPS by 20% YOY. We reiterate our BUY and have raised our target price to SEK280 (270).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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