Nolato (Hold, TP: SEK56.00) - Integrating lower 2023 guidance
Q4 revenue and EBITA were below consensus as Integrated Solutions missed revenue guidance by c20%. However, Medical continued to expand, with 9% organic growth YOY (23% including FX). We reiterate our HOLD and SEK56 target price but have cut our 2023e revenue by 5% and EPS by 8%.
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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