Nolato (Buy, TP: SEK67.00) - Slight headwinds, but OK overall
Q2 net sales missed our estimate by 4%, while EBITA undershot by 11%, fuelled by lower VHP sales, which we believe comes with negatives and positives. We still believe Nolato could be back to YOY earnings growth in H2. We reiterate our BUY but have cut our target price to SEK67 (70).
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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