Since our last update in July 2024, the share has appreciated some 7.1% and passed our previous target price of SEK 140. In conjunction with this update, we make minor estimate changes including a slightly less negative view on the volume of write-downs in the property portfolio in H2-24 (which translates into lifted EPRA NAV expectations in 2025-2026). The return to the EUR-bond market is also important as it indicates that Castellum is taking steps towards being a net investor again. We reiter ....
