Catena (Hold, TP: SEK575.00) - Decoupling from European peers
Following the solid Q2 results and sector outperformance YTD, we have downgraded to HOLD (BUY), but raised our target price to SEK575 (515). Although we still like the case long-term, our downgrade is based on: 1) a stretched valuation versus European logistics peers; 2) our 2025–2026e PFPM 4–6% below consensus; and 3) short-term market oversupply potentially leading to lower project development gains in the next few years.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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.