Alleima (Buy, TP: SEK110.00) - Good growth in the right places
We were encouraged by the Q1 report that showed ongoing good organic growth and a favourable mix along with solid operations. Given a strong leading market position in select areas within oil & gas, nuclear, and medical, we believe Alleima is well positioned for solid earnings despite a more uncertain macroeconomic environment, FX headwinds, and a possible economic slowdown. Due to our more positive view on top-line growth for the tube division, we have raised our underlying 2025–2026e EBITDA by 4%–2% and our target price to SEK110 (100). We reiterate our BUY.
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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