OMDA (Buy, TP: NOK40.00) - Demand set to require higher costs
While we continue to expect solid organic growth and a sharp improvement in the EBITDA margin to 25% in Q3, we have raised our 2024–2025e opex on our expectation that Omda will need a somewhat larger workforce to meet customer demand. Thus we reiterate our BUY, but have cut our target price to NOK40 (53).
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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