Netel Group Holding (Buy, TP: SEK29.00) - Weak Q1
A weak Q1 saw what had been challenges in Finland and Norway snowball into losses, overshadowing solid progress elsewhere. 2023 now seems to be lining up to be a transition year financially, prompting us to make significant estimate cuts. We see still see sound medium-term demand fundamentals, but believe Netel needs to re-establish its quality credentials with investors. We have narrowed our valuation base to small-cap peers, and cut our target price to SEK29 (50); however, we still like the long-term opportunity, and reiterate our BUY.
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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