Catena (Sell, TP: SEK260.00) - Q3 in line, but stock still overvalued
The Q3 results were in line with our estimates and EPRA NAV growth was a strong 6.6% QOQ to SEK194, but the stock is still trading at one of the highest NAV premiums in the sector (75%). We have made minor estimate changes owing to new developments, but this is offset by raised net interest forecasts on a minor increase in market interest rate forecasts, leading to unchanged 2019–2021e EPS. We reiterate our SELL and SEK260 target price.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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