Loomis (Buy, TP: SEK390.00) - US growth case accelerating
Loomis reported a solid Q1 with its strong organic growth and earnings leverage building further financial capacity. We view the company as a substantial recovery case and as well-financed, with the resources to drive sector consolidation and buy back shares (SEK200m mandate added for Q2). As we find the valuation attractive, we reiterate our BUY and SEK390 target price, with our value gap analysis suggesting additional long-term potential for the new CEO to potentially 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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