Momentum Group (Hold, TP: SEK75.00) - First quarterly report after spin-off
Momentum Group’s first quarterly report after the spin-off from Alligo was broadly in line with our forecasts, prompting only minor forecast changes. We find an attractive industrial roll-up story in a fragmented Nordic industrial component and service market, with strong financials and a proven management to drive the market consolidation strategy. However, the premium valuation makes us reiterate our HOLD and SEK75 target price.
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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