Norva24 (Buy, TP: SEK37.00) - Improved acquisition conversion
A weak Q1 was hit by a negative working day impact that normalised in April, so January–April saw 7.1% organic growth YOY and EBITA margin gains YOY. Improved conversion of the acquisition pipeline is driving growth, with recent deals looking value-enhancing. We have raised our 2024–2026e EPS by 6–7%. Demand in the fragmented European UIM service market remains strong, with Norva24’s model supporting a continued ‘buy-and-build’ sector roll-up strategy. We reiterate our BUY and have increased our target price to SEK37 (34).
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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