Corem (Hold, TP: SEK27.00) - Entering its next phase
In light of its merger with Corem, Klövern was delisted on 21 July. The share price of the merged entity (Corem) has risen c30% in the past two months and we believe discounts most of the potential net interest savings. Thus, we see limited upside potential near-term and have a HOLD and SEK27 target price on the stock (previously we had a HOLD and SEK16.5 target price on Klövern).
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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