NCAB (Hold, TP: SEK80.00) - Momentum slowed in Q2
We reiterate our HOLD, but have cut our target price to SEK80 (89) following the Q2 report, which was weaker than expected across the board, with adj. EBITA 15% below Infront consensus. However, NCAB recently announced a large acquisition, adding c6% to annual EBITA. We have cut our 2025e EBITA by 7% due to the earnings miss, offset somewhat by the recent M&A.
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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