Catena (Sell, TP: SEK330.00) - Too much growth priced in
As we still believe the logistics segment has a strong tailwind from structural changes benefiting the segment, we find the current 74% NAV premium valuation demanding with respect to our growth forecasts. We expect Catena’s FFO/share growth to slow in the coming quarters as the vacancy rate is already at a record low and there is low remaining investment volume in its ongoing developments. We have downgraded to SELL (HOLD) but have raised our target price to SEK330 (320) on our updated forecasts.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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