Northern Lights

Norwegian Air Shuttle (Sell, TP: NOK270.00) - Yield significantly weaker

We consider this a negative report for Norwegian Air Shuttle including significantly weaker than expected yield and load. We expect consensus 2018 adj. EBITDA to come down 40–50% and believe a negative share price reaction is warranted. That said, the IAG bid situation should add some downside protection.

Northern Lights

Humana (Buy, TP: SEK52.00) - Growth agenda back in focus

The Q1 results were mixed, but with the financials now in good order, we see more of a growth focus ahead. We find management’s priorities logical, with our underlying forecast largely unchanged, but our 2025–2027e EPS cut by 6–2% on FX and non-cash items. We reiterate our BUY, but have trimmed our target price to SEK52 (53), focusing on Humana’s market opportunity, operating profile, financial outlook and valuation.

Lime Technologies (Sell, TP: SEK355.00) - Remain cautious

Softness in Expert Services kept organic growth at only 10%, and with the macroeconomic uncertainty, we see a risk that weaker growth will continue in the coming quarters. We reiterate our SELL and SEK355 target price.

Netel Group Holding (Buy, TP: SEK18.00) - Solid outlook for 2025

Q1 offered further signs of good progress towards reducing volatility and improving performances across its operations, albeit in a seasonally small (start-up) quarter. We still see solid demand fundamentals and Netel further rebuilding its financial capacity in 2025. Lowering its financial targets looks logical to us, despite triggering 12–13% cuts to our 2026–2027e EPS. We still like the stock (2025–2027e FCF yield of 13–23%), and reiterate our BUY, but have cut our target price to SEK18 (22).