Multiconsult (Buy, TP: NOK155.00) - Bolting on
Since the Q3 results and our last update, Multiconsult has announced four minor bolt-on M&A deals. While all small, in sum they add c1.1% to the FTEs at end-Q3, and with higher estimates on key KPIs, we have raised our 2024–2025e revenues by c1%. We are in line with the thin Bloomberg consensus ahead of the results, due at c07:00 CET on 6 February. We continue to find the growth and valuation attractive, and reiterate our BUY and NOK155 target price based on minor estimate revisions and an updated peer valuation.Multiconsult ASA is a Norway-based company active in the planning and consulting business. It offers multidisciplinary consultancy, design, planning, project supervision, management, and verification and control, dedicated to various industry sectors. The Company operates in six business areas: Building and Property, offering advice, planning and building management; Industry, comprising consultancy and project design services; Oil and Gas, providing services for the whole value chain, from phase studies to construction follow up; Transport and Infrastructure, including assessment, planning, design and consulting; Energy, including consulting, project design and project management; and Environment and natural resources, offering environmental consultancy, surveying and reporting. Multiconsult ASA operates as a parent of the Multiconsult Group, comprising around 100 subsidiaries in such countries as Poland, the United Kingdom, Singapore and Russia.
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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