Momentum Group (Hold, TP: SEK135.00) - Aftermarket focus adds stability
Momentum Group kicked off 2024 with a robust Q1, with good underlying demand benefiting from relatively stable aftermarket exposure. We see an appealing industrial roll-up story in a fragmented Nordic industrial-component and service market supported by good financial ‘firepower’ and a solid acquisition pipeline. Having consolidated recent acquisitions (four YTD), we have raised our 2024–2026e EPS by 1–4%. We reiterate our HOLD and SEK135 target price given the already high, and deserved valuation premium.
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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