GARO (Hold, TP: SEK31.00) - Lower power in E-Mobility
The profit warning on 30 January revealed Q4 net sales 9% below our estimate and adj. EBIT of SEK-8m. We have taken a more cautious stance on 2024e E-Mobility growth and group EBIT margins, and reiterate our HOLD and SEK31 target price. The Q4 results are due on 21 February (we expect around 08:30 CET).Garovaglio y Zorraquin is the parent company of a group engaged in the following activities: The cultivation of sunflower, corn and wheat and the production, distribution, sale and export of agroindustrial products derived from these crops; the production, distribution, sale and export of home appliances including boilers and radiators sold under trademarks such as Vaillant® and Rag-All®; metal and plastic cans, casings and containers; and polyethylene and other chemical and petrochemical products. Through its subsidiaries, Co. is also engaged in mining activities and in the development and sale of individual and group health and life insurance policies.
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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