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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.

 

Miika Ihamaki
  • Miika Ihamaki
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TOKMAN Tokmanni Group ...

Tokmanni (Buy, TP: EUR17.00) - Q1e hurt by external setbacks

We are just shy of consensus Q1e clean EBIT, reflecting demand challenged by several external setbacks. However, we continue to view Tokmanni as an attractive countercyclical case amid weak consumer trends, with an unduly low valuation despite a sharp step-up in its growth profile since last year’s acquisition of DollarStore. We reiterate our BUY and EUR17 target price.

TOKMAN TOKMANNI GROUP OYJ
19h / 54m 19h / 54m 1 EN
Patrik Ling
  • Patrik Ling
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ATORX Alligator Biosc...

Alligator Bioscience (Buy, TP: SEK1.10) - OPTIMIZE-1 needs more patien...

In connection with its Q1 report, Alligator Bioscience reported that the FDA wants to see more data from the low-dose cohort in OPTIMIZE-1 (15 more patients and recruitment has already started). This is due to Project Optimus within the FDA, and PK/PD data from the low-dose cohort should be available in Q1 2025. There is a risk that this added uncertainty could delay partnering discussions for mitazalimab, we believe. We reiterate our BUY but have cut our target price to SEK1.10 (1.50).

ATORX ALLIGATOR BIOSCIENCE AB
20h / 14m 20h / 14m 1 EN
Helene Kvilhaug Brøndbo
  • Helene Kvilhaug Brøndbo
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OTOVO OTOVO

Otovo (No_rec, TP: NOK) - Clouds still on the horizon

Needing to increase its activity meaningfully to cut its cash burn, soft order intake in Q1 leaves us concerned. With market prospects remaining weak, we consider one of the three following outcomes as likely: 1) a full take-over by the majority owners to restructure the company; 2) a sale to an industrial company; or 3) the stock remaining listed and existing owners carrying out a rights issue, resetting the equity value. With high uncertainty and a broad set of potential outcomes for the curre...

22h / 42m 22h / 42m 1 EN
Patrik Ling
  • Patrik Ling
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VICO Vicore Pharma H...

Vicore Pharma (Buy, TP: SEK70.00) - Waiting for more data

Vicore Pharma reported Q1 earnings last week. The report was a non-event and focus in the short term will be on the next data update from the AIR trial (set for the ATS meeting) on 19 May. In addition, the planned phase IIb trial, ASPIRE, is set to commence in H1, and we believe this trial could have data read-out in 2026 and potentially be seen as a registration trial. We reiterate our BUY and SEK70 target price.

VICO VICORE PHARMA HOLDING AB
05/06/24 May 6, 2024 1 EN
Emil Jonsson
  • Emil Jonsson
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CATB CATELLA

Catella (Buy, TP: SEK34.00) - Patiently awaiting the recovery

Low real estate transaction volumes continued to weigh on all segments in Q1. We still see upside potential to consensus as interest rates come down and transaction volumes pick up, due to Catella’s significant operating leverage from variable fees. Risk/reward still looks good at 6x EV/EBIT for 2026e, but it may take a year to start beating market expectations again. We reiterate our BUY but have lowered our target price to SEK34 (35).

05/06/24 May 6, 2024 1 EN

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