Klövern (Hold, TP: SEK15.60) - Tender offer from within the sphere
Corem has made a tender offer of 0.86 of Corem class B stock for each share of Klövern class B, in our view an attractive offer. Corem owns mainly logistics/industrial assets and real estate stocks – and Corem class B is trading at a EPRA NAV (NRV) discount of c15%. We reiterate our HOLD and have raised our target price to SEK15.6 (14), based on the current value of the bid, as we do not expect any competitive bids to appear.
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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