DnB Markets - Instalco AB (INSTAL) Instalco AB (Buy, TP: SEK55.00) - Not expecting any drama in Q2

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DnB Markets

Johan Skoglund

EUR 454.39 For Business Accounts Only

Instalco AB (Buy, TP: SEK55.00) - Not expecting any drama in Q2

We forecast 5% negative organic growth YOY in Q2, but believe Q1 marked the trough and expect a gradual recovery and return to organic growth in Q1 2025. We see sector activity picking up towards end-2024 as interest rates come down. We still like the Instalco risk/reward, and reiterate our BUY while we have raised our target price to SEK55 (48).

12/08/2024 1 EN

Underlying

Instalco AB

Instalco AB Formerly known as Instalco Intressenter AB. Instalco Intressenter AB is a Sweden-based installation and service supplier within areas of heating and plumbing, electrical, ventilation, cooling and industrial solutions. The Company offers installation and regular repairs of district heating, plumbing replacement, new construction and preventive maintenance; design, installation, and maintenance of electrical installation; technical solutions and installation of ventilation solutions for air treatment, air conditioning and indoor climate; design, installation and maintenance of water sprinklers; industrial pipe systems, machinery installation and installations of cooling systems, as well as installation of switchgear, transformers, busbars and power stations, among others. The services are designed mainly for commercial premises, housing, public construction, warehousing, offices and retail trade, as well as process industries. The Company operates in Sweden, Norway and Finland through numerous subsidiaries.

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SE0009664253 Nasdaq Nordic Stockholm Sweden

Provider

DnB Markets

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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Analysts

Johan Skoglund

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Instalco AB (Buy, TP: SEK55.00) - Not expecting any drama in Q2

Instalco AB (Buy, TP: SEK55.00) - Navigating through rough seas

Instalco AB: 1 director

Topdanmark (No_rec, TP: DKK) - Discontinuing coverage

Betsson (Buy, TP: SEK175.00) - Earnings trend on track in H2e

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