GARO (Hold, TP: SEK31.00) - Resetting expectations
Q3 sales were 7% below our forecast and EBIT 73% below (however on a small base) due to lower E-Mobility sales and gross margins, and a higher fixed cost base. We have reset our expectations, prompting us to cut our 2024e EBIT by 20%. We have downgraded GARO to HOLD (BUY) and cut our target price to SEK31 (60).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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