DnB Markets

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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.

 

Stefan Gauffin
  • Stefan Gauffin
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TEL2 B Tele2 AB Class ...

Tele2 (Buy, TP: SEK130.00) - Iliad likely to act on costs

On tougher comparables, we expect slower EBITDA growth YOY in Q4 than in the previous quarters, which could also affect the 2025 guidance. However, in our view, we should also start to see what Iliad can do to improve performance from 2025. We reiterate our BUY and have raised our target price to SEK130 (120).

TEL2 B TELE2 AB CLASS B
20h / 16m 20h / 16m 1 EN
Stefan Gauffin
  • Stefan Gauffin
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TELIA Telia Company A...

Telia Company (Buy, TP: SEK38.00) - Top sector pick for Q4 and 2025

Following a cost savings programme and lowered content costs in TV & Media, we forecast 8% EBITDA growth in 2025, among the best in European telecom. With SEK2.5bn in incremental adj. EBITDA, we also expect Telia to cover the dividend for the first time in four years. We reiterate our BUY and SEK38 target price.

TELIA TELIA COMPANY AB
20h / 30m 20h / 30m 1 EN
Mads Brinkmann Andersen
  • Mads Brinkmann Andersen
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GREEN GREEN LANDSCAPI...

Green Landscaping Group (Buy, TP: SEK102.00) - Q4e likely with multipl...

We expect mild weather and less snowfall in Sweden and Norway to weigh on Q4 results, while Rest of Europe is probably continuing its strong momentum. We have cut our top line for Q4e by c3%, and updated our estimates for the latest acquisitions. We still like the M&A opportunity in the DACH region and reiterate our BUY and SEK102 target price.

GREEN GREEN LANDSCAPING GROUP AB (PUBL)
20h / 51m 20h / 51m 1 EN
Jørgen Lian
  • Jørgen Lian
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AMSC American Shippi...

AMSC ASA (No_rec, TP: NOK) - Discontinuing coverage

We have discontinued coverage of AMSC. Our last published recommendation, target price and estimates should no longer be relied upon.

AMSC AMERICAN SHIPPING COMPANY ASA
22h / 2m 22h / 2m 1 EN
Rune Majlund Dahl
  • Rune Majlund Dahl
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DEMANT DEMANT A/S

Demant (Buy, TP: DKK330.00) - Headwinds set to ease in 2025

We forecast 2.2% organic revenue growth YOY in Q4 (consensus 2.3%) and H2 EBIT before special items of DKK2,312m (consensus DKK2,310m), implying 2024 earnings at the lower end of the guidance. We expect Demant to guide for 3–7% organic revenue growth and EBIT of DKK4.6bn–5.0bn for 2025, with easing headwinds (Managed Care and competitive pressure). We reiterate our BUY and DKK330 target price.

01/22/25 January 22, 2025 1 EN

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