Loomis (Buy, TP: SEK380.00) - Further steps in the right direction
Loomis reported a solid Q3, with US operations shining and Europe strengthening as lockdowns eased, showing much-improved cost efficiency. We see Loomis as a solid recovery case and a well-financed company with the resources to continue to drive sector consolidation. We also note that share buybacks have become a recurring capital-allocation tool utilising the company’s continued strong FCF generation. We reiterate our BUY and SEK380 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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