Castellum’s report was somewhat clouded by one-offs but looking through the fog, underlying earnings were not that far off our expectations, leaving forecast changes limited (share traded down 2.9% yesterday on the day of the report). Management reiterated its view that the leasing market continues to be challenging and from our standpoint, the ROE target of 10% will be difficult to achieve in 2026-2027. Despite a mechanical uplift of NAV/IFPM per share in the next two years, we continue to view ....
