Netel Group Holding (Buy, TP: SEK50.00) - Trend improvement in Q3
Netel showed good progress in Q3, returning to organic growth and with its recent acquisitions making strong contribution. Demand fundamentals still seem solid to us, and with its normal strong end-of-year FCF, we see Netel rebuilding its financial muscle, creating new opportunities for value-enhancing acquisitions, hopefully matching the strong deal fundamentals seen in 2022. We have only tweaked our forecasts, and we reiterate our BUY but have lowered our target price to SEK50 (61).
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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