Report
Karl-Johan Bonnevier
EUR 449.00 For Business Accounts Only

New Wave Group (Buy, TP: SEK126.00) - Tough YOY comparable for Q4

We expected New Wave Group to continue to perform well against a still-weak retail backdrop in Q4, but have cut our expectations, adjusting for a tough YOY gross margin comparison and future growth initiatives burdening short-term results. We have cut our 2024–2026e EPS by 6–2%. 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 and our SEK126 target price.
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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