Nolato (Buy, TP: SEK66.00) - Expecting continued efficiency
We expect Nolato to have continued its margin improvement efforts QOQ through small, continuous gains in pricing and internal efficiency, with Medical being the main margin driver in Q2e. We have lowered our 2024–2025e EBITA by 2–3% due to reduced FX assumptions. We reiterate our BUY and have nudged up our target price to SEK66 (64) on higher peer valuations.
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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