Catena (Buy, TP: SEK500.00) - Optimistic outlook on project starts
We reiterate our BUY following the strong Q4 results, but have lowered our target price to SEK500 (510) as we cut our 2024–2025e EPS by 3% due to higher interest rates. We liked management’s optimistic comments on near-term potential new development deals and the zoning plan progress, which drove the NAV growth of 6.6% in Q4. The stock is trading at a 2024–2025e P/FFO of 19–17x (or 14–13x adjusted for earnings from our recurring development gain).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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