Consolidation phase still early
We remain positive on Kindred ahead of the Q3 results (due at 07:30 CET on 27 October). Healthy organic revenue growth on tough YOY comparables and the start to high-season Q4 will be critical for the share price in the near term, we believe. Further out, we see support from additional acquisitions and increased transparency on the effects of re-regulation in key markets (e.g. Sweden in 2019e). We reiterate our BUY recommendation and SEK115 target price.
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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