Norva24 - Initiation of coverage - Industrial roll-up opportunity
We believe Norva24 is poised to lead the roll-up of the underground infrastructure maintenance (UIM) service market in northern Europe. Demand fundamentals in the fragmented European market look supportive in and beyond its current footprint, driving an attractive financial model with high FCF-generation capacity. We initiate coverage with a 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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