Catella (Buy, TP: SEK34.00) - Awaiting real estate recovery
Low real estate transaction volumes continued to weigh on all segments in Q4. We still expect a re-rating as interest rates come down and transaction volumes pick up. We see good risk/reward at 6x EV/EBIT for 2025e, but it may take another year to start beating expectations again. We reiterate our BUY but have lowered our target price to SEK34 (37).
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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