Catena (1K) | Buy | Quality company at a discount

研报英文原文证据摘录

Catena (1K) | Buy | Quality company at a discount

86.4

expected. FFOps (recurring) 26.65 28.39 29.92

Property value changes amounted to +1.2% compared with our forecast of +0.3%. FY to 31/12 (SEK) 12/26E 12/27E 12/28E

Deconstructing the forecasts P/FFO 15.0 14.1 13.3

The two acquisitions in Finland (near Helsinki Airport) and the acquisitions in Dividend yield 2.9% 3.0% 3.1%

NTAps 464.27 501.61 541.48

Kungsbacka and Linköping have been added to our rental forecasts. NRVps 475.94 514.84 556.38

However, as the Q2 report was weaker than expected, the net effect is that we cut P/NTA-1 -14.0% -20.4% -26.3%

our 2027E rental income by 0.4%. P/NRV-1 -16.1% -22.5% -28.3% FFO/NTA 5.7% 5.7% 5.5%

We take a slightly more cautious view on NOI margins going forward due to NOI/Asset value 4.5% 4.6% 4.6%

increased vacancies, so our 2027E EBIT is cut by 1.0%. LTV 43.8% 42.2% 40.7%

This is also the case for the financial net due to the turbulence in the financial Sector Most Pref. Sector Least Pref.

Aedifica Deutsche EuroShop markets. Therefore, our 2027E FFOps are cut by 1.4%. Catena NSI

Valuation TAG Immobilien Safestore Holdings plc

The ten-year historical 12m forward P/FFO for the sector has been 16.5x. Unibail-Rodamco-Westfield Unite Group

We consider a 20% premium should be added due to the good outlook for VGP

logistics and the opportunity to acquire other companies, which implies a

motivated P/FFO of 19.5x.

This multiple applied to Catena's 12m FFO results in our target price.

Jan Ihrfelt, CFA

Equity Research Analyst

+46 8 723 51 14

jihrfelt@keplercheuvreux.com

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