New Wave Group (Buy, TP: SEK125.00) - Continued solid delivery
New Wave Group continued to perform well against a weak retail backdrop, with strong profit margins and FCF in Q4. We see continued market share gains; however, allowing for slightly less supportive FX and new growth initiatives, we have reduced our 2024–2026e EPS by 3–5%. 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 and have raised our target price to SEK125 (115).
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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