Momentum Group (Hold, TP: SEK79.00) - More optimistic 2023 outlook
The Q4 report met expectations, with good underlying demand. Management’s message on the 2023 outlook was more optimistic, building on its strong Swedish industrial aftermarket focus track record. We see an appealing industrial roll-up story in a fragmented Nordic industrial component and service market that could gain momentum in 2023. We have raised our target price to SEK79 (60) on higher valuation multiples, but reiterate our HOLD given the limited potential upside.
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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