Norva24 (Buy, TP: SEK38.00) - Solid roll-up case emerging
Norva24 reported a mixed Q2, with solid organic growth and weaker profit and FCF generation than forecast, but with most of the shortfall seemingly of temporary (timing) nature. Demand fundamentals in the fragmented European market seem supportive in and outside Norva24’s footprint, supporting an attractive financial model with reinvestment potential in a ‘buy-and-build’ sector roll-up, with four 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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