Norva24 (Buy, TP: SEK34.00) - New CEO showing the way
The Q3 results were solid, with good organic growth and profit expansion, and the new CEO’s focus areas are harmonising with the 2025 targets. We have marginally raised our 2023–2025e EPS, with recent acquisitions offsetting higher financial costs. Demand in the fragmented European UIM service market remains strong, in our view supporting a financial model with the potential for a ‘buy-and-build’ sector roll-up. We reiterate our BUY and SEK34 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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