Netel Group Holding (Buy, TP: SEK50.00) - Looking ahead to 2023
Q4 showed good progress and Netel entered 2023 with a solid order backlog and good new contracting activity, but still a need to raise performance in Norway and Finland and release tied up working capital to rebuild its financial muscle. Demand fundamentals still seem solid, and we see Netel rebuilding its financial capacity in 2023, creating room for value-enhancing acquisitions, hopefully matching the strong deal fundamentals in 2022. We have only tweaked our forecasts, and reiterate our BUY and SEK50 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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