New Wave Group (Buy, TP: SEK121.00) - Adding new growth platforms
After beating estimates for eight straight quarters, New Wave Group did not match the high expectations for Q2, but still reported 14% revenue growth YOY and a 15.8% EBIT margin against a weak retail backdrop. We have cut our 2023–2025e EPS by 3–5%, still seeing continued market share gains in a challenging macro environment, and believe the company has added a new growth platform with the acquisition of outdoor brand Tenson. Its strong financials suggest it has the resources to drive organic initiatives and potential M&A. We reiterate our BUY but have cut our target price to SEK121 (130).
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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