Norva24 (Buy, TP: SEK39.00) - Closing in on its financial targets
Norva24’s seasonally strong Q2 was solid, partly against easy comparables, but also showing the benefits of implemented actions. We see Norva24 closing in on its 2025 revenue target of NOK4.5bn. Adjusting for the timing and financial effects of recent acquisitions imply EPS changes of -4% for 2024e, +5% for 2025e and +6% for 2026e. Demand in the UIM service market remains strong, with Norva24’s model supporting a continued ‘buy-and-build’ sector roll-up. We reiterate our BUY and have raised our target price to SEK39 (37).
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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