Corem (Hold, TP: SEK7.50) - Deep NAV discount warranted
We reiterate our HOLD but have cut our target price to SEK7.5 (13) as we consider a deep NAV discount warranted given the refinancing risk. Corem faces higher funding costs and shorter interest-rate maturities than most peers, combined with refinancing risk related to the hybrid bond, as well as estimates risk given the 50% vacancy rate in its ongoing developments. 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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