Nolato (Buy, TP: SEK66.00) - Continued margin improvement
Nolato reported a Q2 with net sales and EBITA 3% below our estimates, driven mainly by slower organic growth than we expected in Medical Solutions, and a quicker phasing out of VHP volumes. However, the EBITA margin expanded 200bp YOY and 30bp QOQ, again indicating that Nolato’s cost-efficiency programme and strategic price increases have indented effects. We have edged down our 2024–2025e EBITA by 1%. We reiterate our BUY and SEK66 target price.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.