Nolato (Buy, TP: SEK65.00) - Q4 signals strength ahead
Sales growth was 6% YOY (Modular Finance consensus 3%), of which organic growth was 5%. EBITA was SEK240m (3% above consensus), and EPS was SEK0.61 (2% above consensus). The EBITA beat was primarily driven by Engineered Solutions, which exceeded consensus by 14%. This was largely due to a strong Materials performance, supported by a recovery in the Telecom market. We have raised our EBITA by 1% in 2025e and by 6% for 2026e, and our target price to SEK65 (64), while we reiterate our BUY.
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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