New Wave Group (Buy, TP: SEK225.00) - Strong momentum continues
We continue to see strong earnings-revision momentum, with 36% revenue growth and an expanding EBIT margin in Q2. All divisions and regions contributed, suggesting New Wave Group is taking market share despite more challenging underlying conditions. We reiterate our BUY and have raised our target price to SEK225 (215), with record-strong financials suggesting the company has the resources to drive further organic growth initiatives and potentially return to M&A mode.
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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