Norva24 (Buy, TP: SEK37.00) - German project headache
The Q3 results were mixed, with German governance issues clouding an otherwise solid performance. Now excluding the prohibited Norwegian Vitec acquisition combined with the German project business challenges, we have cut our 2024–2026e EPS by 3–10% and our target price to SEK37 (39). We reiterate our BUY, still seeing solid potential for a ‘buy-and-build’ sector roll-up case in the fragmented European UIM service market.
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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