Catena (Buy, TP: SEK450.00) - Strong outlook for new projects
The Q4 results were solid and Catena’s 2.8% vacancy rate is outstanding. Management was more bullish than usual on the earnings call about upcoming project starts/letting activity and we see cSEK3bn of additional investment capacity that could fuel earnings revisions for 2023e. We reiterate our HOLD but our lower target price to SEK450 (470) on minor estimate changes.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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