New Wave Group (Buy, TP: SEK130.00) - Craft teamwear North America
New Wave Group continued to perform well in Q2 against a weak retail backdrop, returning to organic growth, albeit profit burdened by growth initiatives (Craft teamwear North America added). Further market share gains have allowed the earlier phasing of growth investments; as a result, we have trimmed our 2024–2026e EPS by 6–2%. Strong financials suggest it has ample resources to drive its organic initiatives, potential M&A and shareholder-friendly capital allocations. We reiterate our BUY, and have raised our target price to SEK130 (120).
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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