Netel Group Holding (Buy, TP: SEK28.50) - Growth across all divisions
Netel’s Q2 results showed further good progress towards raising performance across its operations. The still-high gearing drives higher financial costs, lowering our 2024e EPS by 9% and 2025–2026e by 3% even as the operating forecast is broadly unchanged. We still see solid demand fundamentals and Netel rebuilding its financial capacity in 2024. We find the stock attractive, reiterating our BUY, and have raised our target price to SEK28.5 (25) on peer group multiples expansion.
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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