Nolato (Buy, TP: SEK61.00) - Q3: the free cash flow show
Q3 net sales and EBITA were lower than we expected, driven by lower volumes from in-vitro diagnostics (IVD), surgery and vaporising heating solutions (VHP). However, a working capital release triggered strong FCF conversion. We reiterate our BUY but have reduced our target price to SEK61 (65).
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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