Corem (Hold, TP: SEK5.80) - Another set of soft results
The Q4 results were soft, with EBIT 4% below our forecast and PFPM 22% below. We have cut our 2025–2026e FFO by 17–25% on higher financial costs and the WSP termination (we see a cSEK40m net-letting headwind in Q1e). The next key event is set to be the outcome of ongoing negotiation with Ericsson for the remaining 55,000sqm office in Kista. Trading at a 68% discount to NAV, we believe many negatives are priced in, but due to its high FFO sensitivity to vacancy changes, we deem the risk high. We reiterate our HOLD, but have cut our target price to SEK5.8 (6.5).
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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