Catella (Buy, TP: SEK39.00) - Set for a relatively slow quarter
We expect some headwinds for all three segments in Q2, with Corporate Finance set for the greatest weakness but AUM likely to still grow from capital inflows. We see some downside risk to consensus Q2e earnings and little reason to expect a positive surprise in the quarter. However, we still like the long-term case and thus reiterate BUY but lower our target price to SEK39 (40).
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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