DnB Markets - Nolato (NOLAB) Nolato (Buy, TP: SEK70.00) - Headwinds fading

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DnB Markets

Johan Skoglund

EUR 478.99 For Business Accounts Only

Nolato (Buy, TP: SEK70.00) - Headwinds fading

Nolato’s Q1 net sales were 6% above our estimate and EBITA was 7% above, driven by organic growth in Medical Solutions and Industrial Solutions. We believe former headwinds from 2022 could be fading and see Nolato being back on track for earnings growth in H2e. We have upgraded Nolato to BUY (HOLD) and raised our target price to SEK70 (60).

04/05/2023 1 EN

Underlying

Nolato

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Provider

DnB Markets

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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Analysts

Johan Skoglund

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Nolato (Buy, TP: SEK70.00) - Headwinds fading

Nolato (Buy, TP: SEK66.00) - Continued margin improvement

Nolato (Buy, TP: SEK66.00) - Expecting continued efficiency

Nolato (Buy, TP: SEK64.00) - Positive margin surprise

Edda Wind (Buy, TP: NOK30.00) - Well positioned

Valuation and market update

Petrobras FPSO delays may hit service volumes but lengthen cycle

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