New Wave Group (Buy, TP: SEK240.00) - Back in acquisition mode
We continue to see strong earnings-revision momentum, with 34% revenue growth and an expanding EBIT margin in Q3, while we have raised our 2022–2024e EPS by 10–7% on the company’s return to M&A and supportive FX. In a more challenging underlying market New Wave Group is taking market share, offering good momentum. We reiterate our BUY and have raised our target price to SEK240 (225); its strong financials suggest it has the resources to drive organic initiatives and potential M&A.
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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