Netel Group Holding (Buy, TP: SEK22.00) - Intending to sell Finnish operations
Netel announced it intends to dispose of its small and poor-performing Finnish operations to focus on the larger and more value-creating business. Its indicated 2024 performance was in line with our Q4 forecasts, and after deconsolidating Finland, we have cut our 2025–2026e EPS by 3–4%. We still see sound medium-term demand fundamentals and expect Netel to re-establish its quality credentials with investors. We reiterate our BUY but have lowered our target price to SEK22 (25).
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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