GARO (Hold, TP: SEK30.00) - Low voltage
We reiterate our HOLD and SEK30 target price following a weak Q1 report compared to our estimates, with negative EBIT for E-Mobility due to low demand and negative operational leverage, and Electrification still in a cyclically slow Nordic construction market. With net debt/EBITDA of c4.0x, we acknowledge the market’s increased concerns on liquidity, dependent on an inventory reduction near-term.
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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