Neles (Hold, TP: EUR12.50) - No drama
Q4 offered no new major insight into the case, which awaits the merger with Valmet. Q4 orders and the DPS proposed for 2021 were above our estimates and consensus, while Q4 sales and clean EBITA were roughly in line. With minor estimate changes, we reiterate our HOLD and EUR12.5 target price.
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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