DnB Markets - Neles (NELES) Neles (Hold, TP: EUR12.00) - Solid Q1 and markets to improve

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DnB Markets

Tomi Railo

EUR 88.68 For Business Accounts Only

Neles (Hold, TP: EUR12.00) - Solid Q1 and markets to improve

We have lifted our 2021–2023e clean EPS by c3% on average post-Q1. We have raised our target price to EUR12 (11.5) and reiterate our HOLD on what we view as a fair valuation.

27/04/2021 16 EN

Underlying

Neles

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Provider

DnB Markets

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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Analysts

Tomi Railo

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DnB Markets

Neles (Hold, TP: EUR13.30) - Orders fine, profits soft

Post mixed Q2 results we have lowered our 2021–2023e clean EBITA by 5% on average. We reiterate our HOLD and EUR13.3 target price, and expect the shares to remain range-bound in light of the pending merger with Valmet.

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July 23, 2021 July 23, 2021 16 EN

DnB Markets

Neles (Hold, TP: EUR13.30) - Merger with Valmet announced

Following the merger announcement on 2 July, we have downgraded to HOLD (BUY). The positive share price reaction reflects the merger details and suggests limited up/downside to our target price of EUR13.3. We consider the merger to be much as we had expected (Waiting for Valmet; up to BUY, 17 June).

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July 5, 2021 July 5, 2021 14 EN

DnB Markets

Neles (Buy, TP: EUR13.30) - Waiting for Valmet; up to BUY

We have upgraded Neles to BUY (HOLD) and raised our target price to EUR13.3 (12). Our analysis has identified upside potential from a possible Valmet move for the rest of Neles. We have raised our 2021–2023e clean EPS by c2% on average. Please see our Valmet note (published earlier today) for more details on our view of a potential merger.

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June 17, 2021 June 17, 2021 15 EN

Airthings (No_rec, TP: NOK) - Recommendation and target price withdrawn

As a result of DNB Markets acting as financial advisor in conjunction with the company’s announcement (link) of a strategic review prompted by a non-binding letter of intent from Firda AS to explore a potential sale of its business segment assets, we have withdrawn our target price and recommendation.

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May 9, 2025 May 9, 2025 1 EN

Håkon Astrup

Håkon Astrup

SpareBank 1 Helgeland (Hold, TP: NOK167.00) - Softer margin, but lower costs

Helped by still-solid core revenues, cost reduction YOY and moderate loan losses, HELG reported a Q1 ROE of 12.3%, despite some margin pressure. With solid earnings generation, the bank increased its CET1 ratio by ~20bp to 18.0% and still guides for a 0.8%-point benefit from the implementation of Basel IV, boding well for meaningful distributions. We have lowered our 2026–2027e EPS by 0–1%, That said, we reiterate our target price of NOK167. With the stock trading at a 2026e P/E of ~12.4x, we continue to find the valuation fair and reiterate our HOLD.

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May 9, 2025 May 9, 2025 1 EN

Christoffer Wang Bjørnsen

Christoffer Wang Bjørnsen

Smartoptics (Buy, TP: NOK27.00) - We remain optimistic

Smartoptics’ Q1 results marked a slower start to the year than we forecast, primarily owing to weaker sales in Devices, which seems to be back to near-term tariff-induced uncertainty. On the flip side, we understand the slowdown seen towards end-Q1 has already caught up again in order inflow, and thus we remain upbeat for the quarters ahead. Following an estimate reduction, we have lowered our target price to NOK27 (30) but reiterate our BUY.

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May 9, 2025 May 9, 2025 1 EN

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Neles (Hold, TP: EUR12.00) - Solid Q1 and markets to improve

Neles (Hold, TP: EUR13.30) - Orders fine, profits soft

Neles (Hold, TP: EUR13.30) - Merger with Valmet announced

Neles (Buy, TP: EUR13.30) - Waiting for Valmet; up to BUY

Airthings (No_rec, TP: NOK) - Recommendation and target price withdrawn

SpareBank 1 Helgeland (Hold, TP: NOK167.00) - Softer margin, but lower costs

Smartoptics (Buy, TP: NOK27.00) - We remain optimistic

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