Catella (Buy, TP: SEK37.00) - Solid foundations in property
We expect continued headwinds from low real estate transaction volumes in Q3, albeit with 11% AUM growth QOQ from incorporating Aquila Asset Management. We believe Corporate Finance revenues could be stronger than usual seasonality patterns would imply, but we would be surprised to see any divestments in Q3 of Catella’s discretionary real estate investments. We still like the long-term case, and with limited changes to our 2024–2025e EPS, we reiterate BUY and SEK37 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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