Catella (Buy, TP: SEK35.00) - Building back better
Catella’s Q4 results showed early but clear signs of benefits from the reversal of a nearly 3-year trend of declining European real-estate transaction volumes. In our view, the risk/reward remains attractive given a continued normalisation in volumes, with the stock trading at a 2026e EV/EBIT of 6x. We reiterate our BUY and have raised our target price to SEK35 (34).
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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