NCAB (Hold, TP: SEK70.00) - Continued slow market
We believe global PCB markets have been stable at low levels QOQ, but do not see Q1 as a major catalyst for the stock, as order intake is yet to show a major uptick. On the positive side, a new CFO has been announced and a small acquisition carried out in April, reducing management succession uncertainty and improving sentiment. We reiterate our HOLD, but have edged down our target price to SEK70 (73).
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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