Norva24 (Buy, TP: SEK38.00) - Nordstjernan enters as new owner
Norva24 reported a solid Q1, and we see an improving organic growth outlook for 2022e, complemented by the increasing acquisition pipeline. Demand fundamentals in the fragmented European market seem supportive in and outside Norva24’s footprint, creating an attractive financial model with reinvestment potential in a ‘buy-and-build’ sector roll-up. We reiterate our BUY and SEK38 target price, and see investment company Nordstjernan’s recent ownership as positive.
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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