OMDA (Buy, TP: NOK40.00) - Growth over margins near-term
Although missing our Q4e EBITDA, the company appears to be focusing its efforts on growth, in response to strong customer demand. For 2024, we thus forecast organic growth of 9% YOY, but an EBITDA margin of 28% (below the targeted 30%), as we expect the continued strong organic growth to drive a temporary headwind to underlying profitability margins. Still, we continue to expect organic growth and the cost focus to drive earnings momentum, and thus reiterate our BUY and NOK40 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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