Nolato (Buy, TP: SEK64.00) - Maintaining stability
We expect 4% organic growth YOY for Q1 (Modular Finance consensus 6%) and further increased growth towards end-2025 and into 2026, when the new order in Medical Solutions should start to contribute. We have reduced our 2025–2026e EBITA by 5–6% on updated FX and slightly lower contract rollout expectations for Medical Solutions. We reiterate our BUY but have reduced our target price to SEK64 (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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