Norva24 (Buy, TP: SEK37.00) - Still not firing on all cylinders
The Q4 results were mixed, with the German project business (to be discontinued) weighing on performance. We have tweaked our EPS forecasts post-Q4, and await Norva24’s CMD, where it will likely detail ambitious profitable growth targets for the coming strategy period. Demand in the fragmented European UIM service market remains strong, in our view supporting a financial model with the potential for a ‘buy-and-build’ sector roll-up. We reiterate our BUY and SEK37 target price.
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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