Netel Group Holding (Buy, TP: SEK25.00) - 2024 focus on profit and cash flow
Q1 gave further signs of good progress towards lowering volatility and raising performance across its operations. It is still a seasonally small (winter) quarter, but this year lacked last year’s troubles in Finland and Norway. We still see solid demand fundamentals and Netel further rebuilding its financial capacity in 2024. We have only tweaked our forecasts, and still find the stock attractive (2024–2026e FCF yield 14–23%). We reiterate our BUY and SEK25 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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