Catena (Buy, TP: SEK320.00) - Potential from structural changes
We have upgraded Catena to BUY (SELL) following the recent sell-off, but cut our target price to SEK320 (350) after lowering our 2021e EPS by 9% on the back of our expectation of a rising vacancy rate. However, long-term, we believe the Covid-19 crisis could lead to structural changes benefitting the logistics real estate segment and thus Catena as one of the largest owners of logistics space and land for future development in Sweden.Cantena is a property management company. Co.'s property portfolio consists of two properties in Haga Norra in Solna, outside Stockholm.
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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