Catena (Hold, TP: SEK550.00) - Sharp drop in project capex in 2025e
The Q3 results were solid, and we have raised our 2025–2026e FFOps by 12–14% following the recent DSV acquisition and equity raise. However, we reiterate our HOLD and have reduced our target price to SEK550 (575) due to: 1) the stretched valuation versus European logistics peers; 2) our belief that a more concentrated tenant list requires a higher risk premium and a lower LTV than more diversified companies; and 3) our expectation of project capex being down up to c70% YOY in 2025, resulting in a soft development gain outlook.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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