Corem (Hold, TP: SEK8.00) - Divestment focus to continue
The Q1 results were neutral overall. The key positives were strong net lettings and its guidance of having liquidity to meet its bond 2023e maturities. To cope with 2024e maturities, we expect further divestments. We have made minor 2023–2024 estimate changes and reduced our FFO by cSEK150m–200m, which has a large percentage effect, lowering FFO estimates by 28–19%. We reiterate our HOLD, but have cut our target price to SEK8.0 (9.5).
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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