Catena (Hold, TP: SEK320.00) - Q1 helped by one-offs
Q1 EBIT was 11% above our forecast, although the deviation was largely due to one-offs. The vacancy rate fell 40bp QOQ, but we expect it to rise in the coming quarters. The Q1 report did not prompt us to make any significant EPS forecast changes, and we reiterate our SEK320 target price. However, given the current share price, we have downgraded the stock to HOLD (BUY).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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