Catena (Hold, TP: SEK500.00) - Downgraded on valuation
Following a share price gain of 25% in Q2, we consider that much of the near-term upside potential has been taken out, and it is time for a breather. We have downgraded to HOLD (BUY) and raised our target price to SEK500 (450). We still see strong logistics fundamentals, but consider the valuation demanding (76% premium to its last reported EPRA NAV (NRV) and P/FFO of 24x in 2022e) and await data-points supporting its project development ramp-up. The Q2 results are due at 08:00 CET on 6 July.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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