Alligo (Buy, TP: SEK175.00) - Tough (and “frustrating”) Q3
Weak Q3 results showed the Alligo business model is far from immune to weak markets, prompting us to cut our 2024–2026e EPS by 20–3%. However, we believe Alligo is well positioned for profitable growth when demand recovers. We see an industrial roll-up case evolving, with recent acquisitions at attractive valuations, and find its >10% EBITA margin target ambitious but achievable by 2026, as demand recovers. We reiterate our BUY but have cut our target price to SEK175 (180).Momentum Group Ab. Momentum Group AB is a Sweden-based reseller of industrial consumables and components, as well as service and maintenance to professional end users in the industrial and construction sectors in Sweden, Norway and Finland. The Company comprises six operating areas, which are organized under two business areas: Tools & Consumables and Components & Services. The Tools & Consumables business area comprises TOOLS Sweden, TOOLS Norway, TOOLS Finland and Mercus Yrkesklader. The business has focus on the sale of tools, personal protective equipment and other consumables to the industrial and construction markets. The network consists of 120 local sales outlets in Sweden, Norway and Finland. The Components & Services business area comprises Momentum Industrial and Gigant, which focus on the sale of spare parts for production and workplace equipment mainly to customers within industrial 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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