Loomis (Buy, TP: SEK375.00) - FX inflating forecasts again
The weak SEK implies a positive translation effect for Loomis and has edged up our forecasts by 4–5% ahead of the Q1 report due on 3 May, and we find our Q1 EBITA forecast 11% ahead of consensus. With four acquisitions now completed since the CMD, the move towards realising the 2021 goals is off to a good start but delivery is still far from fully discounted, looking at current valuation. We continue to like the US growth story, cash-generating financial profile and potential for value-creating acquisitions, and we reiterate our BUY recommendation and SEK375 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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