Loomis (Buy, TP: SEK385.00) - 2019e reaccelerating profit growth
With the French headwinds easing and set for a 2019 recovery with the high profit margin CPoR Device acquisition, focus has returned to the strong-performing US operation. That said, the Q4 report (due 30 January) looks to be a non-event with our forecasts close to consensus and only marginal estimate changes. The investment case still looks solid to us based on US CMS growth and SafePoint deployment, and we reiterate our BUY and SEK385 target price. Our value gap analysis suggests even greater long-term upside potential.Loomis AB is a holding company. Through its subsidiaries, Co. provides solutions for cash handling in the U.S., majority parts of Europe and in Argentina. Co. provides cash in transit (CIT), cash management services (CMS) and solutions which integrate CIT with CMS. The CIT service transports cash to and from stores, banks and automated teller machines (ATMs). The CMS service counts, quality controls and packages bills and coins in Co.'s cash centers. Co. also provides solutions for retail outlets and for maintenance of ATMs, as well as analysis, forecasting and reporting of customers' cash flow. The services are targeted at banks, retailers, commercial enterprises and the public sector.
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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