Alleima (Buy, TP: SEK100.00) - Pricing power and excess cash
Reflecting overall deteriorating macro conditions and a worsened FX situation, we have cut our 2025–2026e adj. EBITDA by 7–13%. Nevertheless, with the majority of earnings from robust end-markets, underpinned by convincing megatrends, we find Alleima still looks set to generate attractive profits in most feasible scenarios. With the stock down c20% in the past month, our updated forecasts translate into attractive multiples, while we believe the company’s net cash position could facilitate bolt-on acquisitions. We reiterate our BUY, but have cut our target price to SEK100 (115).
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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