Norconsult (Buy, TP: NOK30.00) - Solid Q4e revenue growth
We expect Norconsult’s Q4 headline results to be hurt by one-offs from the IPO during the quarter. However, the underlying results are likely to be strong, and we forecast net revenues up c15% YOY. We believe the 2024–2025e adj. EV/EBIT valuation remains one of the most attractive in the sector, and we reiterate our BUY and NOK30 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.
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