NCAB (Buy, TP: SEK72.00) - Expecting still-slow market in Q3
We expect a continuation of Q2’s weaker markets and lower prices in Q3, and no new M&A was announced. However, NCAB appeared confident at its CMD in September, when it reiterated its financial targets and seemed keen to continue with M&A. We reiterate our BUY but have cut our target price to SEK72 (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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