Loomis (Buy, TP: SEK375.00) - SafePoint the business driver again
The shares are down 8% post the Q4 release, suggesting mounting problems. However, we see a company purposefully correcting issues, with the Q3 hiccup for SafePoint already resolved (record Q4 deployment) and corrective measures already taken in France for 2018 normalisation. Management’s focus is now moving to meeting the ambitious targets for 2021. We reiterate our BUY and SEK375 target price, with meeting the 2021 targets indicating further upside.
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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