Netel Group Holding (Buy, TP: SEK25.00) - Re-establishing its credentials
Netel entered 2024 with a solid order backlog and re-established financial strength, after good progress in Q4, but we believe it still needs to lower volatility and raise performance across its operations. We continue to 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 of 21–27%) even after the recent strong performance. We reiterate our BUY and have raised our target price to SEK25 (20).
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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