Report
Karl-Johan Bonnevier
EUR 478.99 For Business Accounts Only

New Wave Group (Buy, TP: SEK120.00) - Second-half weighted 2024e

New Wave Group continued to perform well against a weak retail backdrop, but with solidly higher negative earnings leverage than forecast. We see continued market share gains; however, allowing for a higher fixed cost base, we have reduced our 2024–2026e EPS by 4–6%. Its strong financials suggest it has ample resources to drive its organic initiatives, potential M&A and shareholder-friendly capital allocation. We reiterate our BUY but have lowered our target price to SEK120 (125).
Underlying
Provider
DnB Markets
DnB Markets

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.

 

Analysts
Karl-Johan Bonnevier

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