New Wave Group (Buy, TP: SEK260.00) - Strong execution = record Q1
New Wave Group continued to defy a weak retail backdrop in Q1, with 20% revenue growth YOY and an expanding EBIT margin. We have raised our 2023–2025e EPS by 4–5%, still seeing continued market-share gains in a challenging macro environment, some margin pressure on new growth initiatives and supportive FX. Its strong financials suggest it has the resources to drive organic initiatives and potential M&A. We reiterate our BUY and have raised our target price to SEK260 (255).
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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