NCAB (Hold, TP: SEK89.00) - Set for gradual improvement in Q2e
We expect the slow global PCB markets to again show gradual improvements in Q2, indicating a possible continuation of the positive order intake trend from Q1. After quarter-end, NCAB announced two acquisitions, adding c2% to annual net sales and EBITA. We reiterate our HOLD, but have raised our target price to SEK89 (72) on improved 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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