Corem (Hold, TP: SEK25.00) - Deleveraging focus
We expect the company to continue to focus on its investment grade rating target, with continued deleveraging activities (underpinned by recent divestments and ongoing residential land bank portfolio spin-off). We reiterate our HOLD, but have cut our target price to SEK25 (28.5) to reflect higher market risk premiums on rising interest rates and widening credit spreads.
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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