Corem (Hold, TP: SEK6.50) - Active seller, and more to come
The Q2 results were solid, but refinancing risk remains a key concern. We forecast a need to free cSEK7bn in cash to meet its cash uses until end-2025e. We have made minor 2024–2025 estimate changes and reduced our FFO by cSEK100m, which has a large percentage effect, lowering our FFO estimates by 16–18%. We reiterate our HOLD, but have cut our target price to SEK6.5 (8.0).
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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