NCAB (Buy, TP: SEK73.00) - Slow market, strong balance sheet
We believe the slow PCB market in Q2–Q3 continued in Q4, resulting in still-low prices and relatively stable order intake. We like NCAB’s strong balance sheet and see potential green shoots for a market recovery in 2024. We reiterate our BUY and have raised our target price to SEK73 (65) on higher peer multiples.
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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