Catella (Buy, TP: SEK37.00) - Robust capital inflows
Capital inflows to the fund business held up well in Q2. Low real estate transaction volumes weighed on all segments. However, we still believe the market is pricing in overly high risk. As the real estate market bottoms out and risk perceptions ease, we expect the stock to see a gradual re-rating. Trading at a 2024e EV/EBIT of 5–6x, we see the stock as attractively valued. We reiterate our BUY, but have cut our target price to SEK37 (39) on 3–7% lower 2024–2025e EPS.
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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