Norva24 (Buy, TP: SEK38.33) - Advanced discussion pipeline
Norva24 reported a solid Q4, and we see improving organic support in 2022e complemented by the company highlighting a strengthening acquisition pipeline. Demand fundamentals in the fragmented European market seem supportive in and beyond its current footprint, driving an attractive financial model with reinvestment potential in a ‘buy-and-build’ sector roll-up. We reiterate our BUY with a SEK38 (42) target price.
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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