New Wave Group (Buy, TP: SEK138.00) - Good stable start to 2025
New Wave Group continued to perform well against a weak retail backdrop, seeing accelerating organic growth in its Q1 with operating leverage. Its rebalanced sourcing platform over the last few years is now a strong risk mitigator in the current tariff turbulence and a competitive advantage, in our view. Solid FCF and financials suggest the company has ample resources to drive its organic initiatives (US/Canada in high focus), potential M&A, and shareholder-friendly capital allocations. We reiterate our BUY and SEK138 target price.
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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