Netel Group Holding (Buy, TP: SEK67.00) - Compounder valued on an organic basis
The Netel case is developing in a promising direction, with the strong organic outlook now complemented by a promising industrial roll-up opportunity. The Q4 report shows that its asset-light business model supports high cash conversion of profit and drives FCF generation, with Netel signalling a strong pipeline of acquisition targets. We reiterate our BUY and SEK67 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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