New Wave Group (Buy, TP: SEK115.00) - Gaining share in a weak market
New Wave Group continued to perform well against a weak retail backdrop, matching Q3 expectations. We see continued market share gains; however, allowing for slightly less supportive FX and new growth initiatives, we have reduced our 2023–2025e EPS by 4–5%. Its strong financials suggest it has ample resources to drive organic initiatives and potential M&A. We reiterate our BUY but have lowered our target price to SEK115 (121).
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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