Nolato (Buy, TP: SEK64.00) - Turning the corner
We forecast 2% organic growth in Q4, indicating 2024 was almost flat, after two challenging years of negative growth; we expect further improvements in 2025 and 2026. Following a change of analyst, we have made minor divisional estimate changes and cut our 2025–2026e EBITA by 5–8%. We reiterate our BUY but have reduced our target price to SEK64 (66) to reflect the new organisation.
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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