Norconsult (Buy, TP: NOK31.50) - Solid Q4, attractive valuation
Q4 EBITA was above company-collected consensus and in line with our forecast on solid cost control, despite a weaker-than-expected billing rate. Management proposed a DPS of NOK1.2, above our forecast and consensus. We have marginally updated our 2024–2026e revenues on higher FTEs and an increased billing rate. We continue to find the valuation attractive, especially in light of Norconsult’s long and profitable growth track record. We reiterate our BUY and have raised our target price to NOK31.5 (30) on increased peer group 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.