Norva24 (Buy, TP: SEK42.00) - Solid start to 2023
The Q1 results were solid, with strong revenue growth and profit margin expansion, while FCF generation still lagged behind in the seasonally small quarter. We have raised our 2023e EPS by 4% and our 2024–2025e by 2% on the Oslo acquisition and FX. Demand fundamentals in the fragmented European UIM service market appear strong, supporting an attractive financial model with the potential for a ‘buy and build’ sector roll-up (seven acquisitions completed LTM). We reiterate our BUY and SEK42 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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