Castellum (Hold, TP: SEK150.00) - Taking steps to adapt to new market
Castellum’s journey to deleveraging has started following its announcement of its intention to cut DPS, execute asset sales, and make several management team changes. We avoid its bond refinance risks and await a better entry point as we still see risk for an equity issue. As a holding, we believe Castellum can outperform Balder in the next 6–12 months but we reiterate our HOLD and have raised our target price to SEK150 (125) on lower yield assumptions.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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