Corem (Hold, TP: SEK9.50) - Salesman of the year, 2023
We consider Q4 soft as: 1) NAV dropped 14% QOQ; 2) DPS have been cut; and 3) the vacancy rate rose to 13%. However, by divesting SEK14bn of assets in a tough market in 2023, Corem has cut its NIBD by an impressive 29% YOY, and also lowered its refinancing risk following a SEK1.1bn bond issue in Q1 at attractive terms. The stock is trading at a 49% discount to last reported NAV, but we fear the market will overlook this until the rapidly falling NAVPS (-33% YOY) stabilises. We reiterate our HOLD and have cut our target price to SEK9.5 (10).
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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