Catena (Sell, TP: SEK320.00) - Profitable move for tenant
We reiterate our SELL but have raised our target price to SEK320 (260) following a peer valuation, minor estimate changes, and Catena’s recent land bank acquisition, which we see as an investment with attractive long-term potential. One of its tenants has acquired land to develop a new facility and is already taking profits through a sale-and-lease-back transaction, leaving Catena with an upcoming vacancy of c30,000sqm. We believe this could be a new trend in regions where land is low-priced, illustrating the risk in owning older logistics buildings in secondary locations at the current high market valuation.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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