Norva24 (Buy, TP: SEK38.00) - On track to meet its 2025 targets
Organic growth in Q3 was solid, expanding the EBITA margin and improving FCF generation YOY. Recent acquisitions seem to have been completed at very appealing valuations and are the main driver of our 8–9% forecast EPS rise for 2023–2024. Demand fundamentals in the fragmented European UIM service market seem strong in and outside Norva24’s footprint, supporting an attractive financial model with potential for a ‘buy-and-build’ sector roll-up, with six acquisitions completed YTD. We reiterate our BUY and SEK38 target price, and see a solid industrial roll-up case emerging.
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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