Norva24 (Buy, TP: SEK42.00) - Still moving towards 2025 targets
Q4 revenue growth was solid, but the EBITA margin and FCF generation were weaker than we forecast. We have only tweaked our EPS forecasts post-report, with recent acquisitions offsetting underlying weakness. Demand fundamentals in the fragmented European UIM service market look strong, supporting an attractive financial model with potential for a ‘buy-and-build’ sector roll-up (seven acquisitions completed LTM). We reiterate our BUY and have raised our target price to SEK42 (38), extending our valuation horizon to 2024–2025.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.