Catella (Buy, TP: SEK34.00) - Patiently awaiting the recovery
Low real estate transaction volumes continued to weigh on all segments in Q1. We still see upside potential to consensus as interest rates come down and transaction volumes pick up, due to Catella’s significant operating leverage from variable fees. Risk/reward still looks good at 6x EV/EBIT for 2026e, but it may take a year to start beating market expectations again. We reiterate our BUY but have lowered our target price to SEK34 (35).
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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