NCAB (Buy, TP: SEK75.00) - Momentum in the making
We forecast Q4 sales growth of 3% YOY and expect further improvement into 2025 supported by 1) destocking tapering off, 2) A positive trend in order intake began to take shape in Q3, and 3) improving capacity utilisation in partner factories. We have reduced our 2025e EBITA by 5%, but raised 2026e by 2%. Following a change of analyst, we have upgraded to BUY (HOLD), but cut our target price to SEK75 (80) to align with historical 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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