New Wave Group (Buy, TP: SEK126.00) - Continued short-term pain in Q3
New Wave Group performed relatively well in Q3 against a still-weak retail backdrop, but future growth initiatives continued to burden short-term results, with Q3 EBIT 15% below our forecast. We have cut our 2024–2026e EPS by 12–4%. Strong FCF and financials suggest the company has ample resources to drive its organic initiatives, potential M&A, and shareholder-friendly capital allocations. We reiterate our BUY, but have reduced our target price to SEK126 (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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