Loomis (Buy, TP: SEK390.00) - New forward-leaning CEO
Q2 saw strong organic growth and earnings leverage, building further financial capacity. We view Loomis as a well-financed recovery case, with the resources to drive sector consolidation and share buybacks (SEK200m in Q3e). We find the valuation attractive, reiterating our BUY and SEK390 target price, while our value gap analysis suggests additional potential for the new CEO to unlock.
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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