Netel Group Holding (Buy, TP: SEK25.00) - Recovery taking one step back
Netel’s Q3 surprised on the downside and its “2024 indication” has prompted us to cut our 2024e EPS by 32% (2025–2026e cut by 7–5%). We still see sound medium-term demand fundamentals and expect Netal to re-establish its quality credentials with investors, while noting Q3 was a bump in the road. We reiterate BUY but have cut our target price to SEK25 (28.5), now offering c45% upside potential from the current share 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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