Corem (Hold, TP: SEK20.00) - Earnings sensitive to interest rates
We reiterate our HOLD and have cut our target price to SEK20 (25). We have also cut our estimates after factoring market interest rate estimates and data on interest rate hedging from its annual report, which have a material impact on our expectations given the majority of Corem’s debt is floating-rate and its higher financial gearing than most peers. We see a better risk/reward elsewhere in the sector.
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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