Catena (Hold, TP: SEK380.00) -
Development capex down in 2021e We expect lower development capex in 2021 before volumes increase in 2022, and Catena will have to be active in the highly competitive transaction market to maintain its FFO/share CAGR of 16% (since 2015). The LTV is at a record low (52%), so there is strong capacity for the new management team to invest. The good momentum for the logistics segment is continuing, but we reiterate our HOLD due to the demanding valuation and modest FFO growth in 2021e. We have raised our target price to SEK380 (360) after increasing our 2022e EPS by 5% and trimming the valuation yield.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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