Catena (Buy, TP: SEK450.00) - Strong momentum set to continue
We have upgraded to BUY (HOLD) and raised our target price to SEK450 (380). Tenant and investor demand for logistics remains high and, given its recent share issue and the land-bank status, we are more confident of project ramp-ups in 2022. We also believe the lower LTV could attract an even wider investor base and see upside potential on interest rate margins. We note the stock has been lagging behind logistics/warehouse peers such as Sagax and NP3 YTD by c20-25%.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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