Netel Group Holding (Buy, TP: SEK29.00) - Supportive guidance for 2023
After the weak and turbulent Q1, Netel is starting to re-establish its investment credentials, with an in-line Q2 report, record order backlog and supportive 2023 guidance, driving a c40% increase to our full-year EPS. We see still see sound medium-term demand fundamentals and believe Netel should be able to fully re-establish its quality credentials, with the current valuation implying significant potential upside. We reiterate our BUY and SEK29 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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