Catella (Buy, TP: SEK34.00) - Still awaiting more transactions
We forecast the highest EBIT in six quarters for Q4, albeit still affected by depressed European real-estate transaction activity. We forecast the start of a positive consensus earnings revision cycle on a resurgence in fund performance and European transaction volumes, possibly during 2025. We reiterate our BUY and SEK34 target price.
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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