Catella (Buy, TP: SEK35.00) - Still a favourable risk/reward
Although we expect still-low real estate transaction volumes in Q2, we continue to see an attractive risk/reward. Significant operating leverage should materialise once transaction volumes rebound and variable fees increase. We reiterate our BUY and have increased our target price to SEK35 (34), as we are likely closer to a resurgence of variable fees.
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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