Catena (Buy, TP: SEK450.00) - Case developing nicely
The Q1 results were solid and our view on Catena as our sector top pick is unchanged. We reiterate our BUY and SEK450 target price. The next triggers could be positive estimate revisions from acquisitions and/or further project starts. The stock is trading at an attractive implied EBIT yield of 5.0% for 2024e, the project development division is still strong, and the balance sheet is one of the strongest in our coverage.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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