Indutrade (Buy, TP: SEK350.00) - Continued strong momentum
A strong performance in Q2 included sales 4% above our estimate and a 9% beat on adj. EBITA, with strong outperformances by Life Science and Technology Systems & Solutions (TS&S). The group adj. EBITA margin was flat YOY at 14.8%, 70bp above our estimate. We have raised our 2024–2025e EBITA by 6–5% and our target price to SEK350 (305), and reiterate our BUY.Indutrade manufactures, markets, and sells components, systems, and services to industrial companies primarily in Sweden, Finland, Belgium, the Netherlands, Luxembourg, Denmark, Norway, and internationally. Co. is a group of some 160 companies in 23 countries in four parts of the world. Co. operates in four business areas: Engineering & Equipment, Flow Technology, Industrial Components, and Special Products. Co.'s business has two main focuses – companies engaged in industria technology sales and companies that manufacture their own products.
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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