Nolato (Buy, TP: SEK65.00) - Improved ESG profile
During Q3, Nolato announced a consolidation of its factories in China and lower sales from tobacco-exposed vaporising heating solutions (VHP), and, with Medical Solutions now the dominant segment, we believe the group is set for a more stable growth trajectory through lower cyclicality. We reiterate our BUY, but have cut our target price to SEK65 (67).
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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