Instalco (Buy, TP: SEK45.00) - Looking forward
Q1 earnings disappointed, but sales grew 0.3% YOY (ending 5% above consensus), including 0.2% organic, marking the first positive figure since autumn 2023. EBITA was SEK123m (12% below consensus), corresponding to a margin of 3.7%, while the adj. EBITA margin was 5.7%. Cash from operating activities was good, driven by a working capital release. We have cut our 2025e EBITA by 7% and 2026e by 4%, and lowered our target price to SEK45 (46), but reiterate our BUY.
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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