Momentum Group (Hold, TP: SEK110.00) - Delivering on acquisition potential
The sector roll-up angle to the Momentum Group investment case has come alight over the past months, with seven acquisitions done YTD. This adds to a solid Q2 report that had good underlying demand benefiting from relatively stable aftermarket exposure. Consolidating recent acquisitions has led us to increase our 2023–2025e EPS by 12–20% and our target price to SEK110 (89). We reiterate our HOLD given the already established premium valuation.
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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