Catella (Buy, TP: SEK37.00) - Case intact despite headwinds
We forecast continued low real estate transaction volumes in Q4, keeping activity depressed in all business segments. However, we still like the case and believe recent weeks’ interest rate moves have increased the likelihood of a resurgence in transaction volumes. After increasing our 2024–2025e EPS by 5–8%, we reiterate our BUY and have raised our target price to SEK37 (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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