Momentum Group (Buy, TP: SEK135.00) - ‘Better than yesterday’
The operating improvement case for Momentum Group remains solid, with the continued strength in Nordic industrial production driving demand. With efficiencies materialising earlier than expected, we have raised our 2017/18–2018/19e EPS by 4–7%, supporting our investment case, and in turn our target price to SEK135 (120), with further potential upside if the group delivers on targets and redeploys its ‘financial muscle’. Our recommendation remains BUY.
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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