Corem (Hold, TP: SEK6.50) - FFO sensitive to vacancy changes
Following the Ericsson termination and uptick in market interest rates, we have cut our 2026e FFO by 20%. The next key event is set to be the outcome of ongoing negotiation with Ericsson for the remaining 55,000sqm in Kista. Trading at a 64% discount to the last reported NAV, we believe a lot of negatives are priced into the stock. However, due to its high FFO sensitivity to potential vacancy changes, we consider the risk high and reiterate our HOLD. We have cut our target price to SEK6.5 (8.2).
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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