Corem (Hold, TP: SEK9.50) - Ready for 2023e bond maturities
Following its recent divestments, we calculate Corem has sufficient liquidity (including back-up facilities) to cover its cash needs in 2023e (bond maturities, capex and dividends). However, the refinancing risk for 2024–2025e remains an overhang and an equity-raise risk. We have cut our 2023–2024e EPS by 11% but have increased our target price to SEK9.5 (7.5) due to the lower near-term refinancing risk. We reiterate our HOLD.
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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