Catena (Sell, TP: SEK350.00) - Banking as a side business?
Catena’s Q4 did not meet expectations, as revenues fell on higher vacancies. We reiterate our SELL as we do not believe the risk of higher vacancies in the older assets is reflected in the share price. Also, there is uncertainty regarding the risk allocation of the potential Coop deal, where in our view Catena would be acting like a bank, taking the SEK2bn–3bn investment in tenant-customised automation. However, we have raised our target price to SEK350 (320) based on updated valuations for international logistics peers.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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