Momentum Group (Hold, TP: SEK60.00) - Strong recession track record
The Q3 report was solid, with strong underlying demand. With the company’s Swedish industrial aftermarket focus, the business model has a strong track record in periods of weaker demand. We find an appealing industrial roll-up story in a fragmented Nordic industrial component and service market that could gain momentum in a recession. However, we reiterate our HOLD, given the limited upside to our updated target price of SEK60 (64) on peer and multiples valuations.
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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