Catena (Buy, TP: SEK600.00) - Fast vacancy-rate recovery
The highlights in the solid Q3 results were: 1) PFPM 3% above consensus; 2) the improved vacancy rate (4.1%); and 3) the continued strong EPRA NRVPS growth rate of 5% QOQ and 27% YOY (excluding the NAV gain from the share issue). We remain optimistic on its ability to accelerate FFO growth and business activity near-term. We reiterate our BUY and have raised our target price to SEK600 (530) on higher EPS forecasts, updated landbank value estimates, and trimmed yield estimates.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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.