Catena (Buy, TP: SEK510.00) - Closing in on WDP’s valuation
Ahead of the Q4 results, we reiterate our BUY and have raised our target price to SEK510 (425) on falling interest rates. We expect 10% FFOPS growth per year in our forecast period, prior to any potential acquisitions for which we see investment capacity. We still find the stock attractive, trading at a 2024–2025e P/FFO of 21–19x (15–14x including earnings from our recurring development gain forecasts). However, following a strong share price performance, the valuation gap to international logistics peer WDP is now much less than historically.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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