Instalco (Buy, TP: SEK48.00) - Soft as expected, but signs of upturn
Sales in Q4 fell 7% YOY (vs consensus -4%), of which organic growth was 7%. EBITA was SEK195m (15% above consensus), corresponding to an EBITA margin of 5.4%, while the adj. EBITA margin was 7.2%. FCF was strong, driven by a working capital release, as is normal at the end of the year. We have cut our 2025e EBITA by 5%, but raised our 2026e by 2%. We have lowered our target price to SEK48 (50), 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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