NCAB (Buy, TP: SEK90.00) - Continued strong execution
Following a significant EBITA margin beat in Q1 versus our estimate, we expect Q2 to have seen continued strong profitability and the organic net sales decline start to turn around. NCAB closed two additional acquisitions in May, providing further upside potential even though the stock had already rallied in Q2. We reiterate our BUY and have raised our target price to SEK90 (80).
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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