Loomis (Buy, TP: SEK450.00) - Flexing its FCF muscle
Loomis’s Q3 results were solid, with still-strong organic growth; the US operation excelled, and Europe and Latin America made greater contributions QOQ. With its strong FCF, Loomis is increasing its financial capacity, even as it executes on its share buyback programme (Q4 mandate SEK200m). We have raised our 2024–2026e EPS slightly, still viewing Loomis as a well-financed roll-up case, having the resources to drive sector consolidation and shareholder-friendly capital allocation. We reiterate our BUY, and have raised our target price to SEK450 (425).
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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