Corem (Hold, TP: SEK9.50) - ICR under pressure in 2023e
Fairly soft Q4 results included PFPM 9% below our estimate (adjusted for one-offs), and lower 2023e rent CPI guidance than we expected. We have cut our 2023-2024e FFO by 26-15% on lower NOI forecasts and higher interest rate estimates. We reiterate our HOLD, and SEK9.5 target price.
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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