Catena (Hold, TP: SEK470.00) - Investment capacity; few prospects
PFPM was 6% below consensus in Q4, while the vacancy remained solid. We reiterate our HOLD, as we consider Catena overcapitalised and are concerned about the lack of attractive investment opportunities, especially since the project market, historically the company’s highest ROI investment, is slow. Also, we believe the valuation looks stretched versus its European logistics peers. We have cut our target price to SEK470 (490) and our 2026-2027e FFOps by 3%.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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