Netel Group Holding (Buy, TP: SEK61.00) - UK fixed-network potential added
Netel reported a mixed Q2 with still-strong revenue growth but with profit and cash flow burdened by project delays. It still sees strong demand fundamentals and its own financial targets within reach for 2022. Recent acquisitions appear to complement the organic outlook and seem value-enhancing (ROIC: 17–21%). We have cut our EPS by 2–3% for 2023–2024e on a slightly more cautious margin profile, and we reiterate our BUY, and have revised our target price to SEK61 (67).
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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