Netel Group Holding (Buy, TP: SEK67.00) - Impressive growth continues
The Netel case is moving in a promising direction, with solid organic outlook now complemented by attractive industrial roll-up potential. The Q1 report showed impressive revenue growth (45% YOY) but seasonally weak profitability, given few project completions. Netel signalled a strong pipeline of acquisition targets, and in our view recent transactions look value-enhancing (ROIC 17–21%). We have tweaked our forecasts, and 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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