Catena (Buy, TP: SEK470.00) - (N)ice strategy
In the hunt for higher yields, Catena has continued to increase its exposure to cold-storage warehouses. We have raised our 2023–2024e EPS by 1–3% after including acquisitions, project starts, updated interest cost, and a 10% higher share count after the SEK1.6bn issue. We reiterate our BUY and have raised our target price to SEK470 (425). Catena remains one of our top sector picks at the start of 2023e given its strong balance sheet and development project momentum.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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