Catena (Buy, TP: SEK425.00) - Project portfolio building nicely
We reiterate our BUY but have cut our target price to SEK425 (460) on raised risk premiums. The Q3 results were neutral in our view, and Catena remains one of our top sector picks. Q3’s low vacancy rate (3.5%), record-high development project portfolio and solid balance sheet more than offset weak FFOPS growth in 2023e (10%) in our opinion, and we prefer to focus on project-driven growth in 2024–2025e (+7% p.a.).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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