Corem (Hold, TP: SEK10.00) - Falling rates easing pressure on ICR
We reiterate our HOLD but have raised our target price to SEK10 (8.0), as falling interest rates have eased the pressure on the ICR covenant. We have increased our 2024–2025e FFOPS from SEK0.32–0.27 to SEK0.62–0.69. If Corem does not secure new funding, we calculate that it would lack the cSEK8bn needed to cover bond maturities and capex until end-2025e.
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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