Report
Niklas Wetterling
EUR 91.26 For Business Accounts Only

Corem (Hold, TP: SEK9.50) - Soft operations, rising vacancy rate

We see the key positives as Corem’s recent bond issues and our estimate that its bond repayments and capex are covered in 2024. However, a rising vacancy rate brought a top-line miss in Q1 (the economical vacancy rate was 14%, up from 11% in Q3 2023 and 13% in Q4 2023). We reiterate our HOLD and SEK9.5 target price.
Underlying
Corem Property Group (B)

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Niklas Wetterling

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