GARO (Buy, TP: SEK65.00) - Strong growth, weak EBIT
Q2 sales were in line with our forecast, with strong E-Mobility growth. However, EBIT missed our estimate by 49% due to a larger share of sales to lower-margin key accounts, a negative price/cost lag, and a weak SEK. We reiterate our BUY, but have cut our target price to SEK65 (70).
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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