Solid margins in Sweden
Q2 EBITDA beat our forecast on a large seasonal swing and better margins in Sweden. Profitability in Norway was again weak on few orders given delays in public sector projects (Bane Nor) and less work in the market. However, Norway and Sweden are looking to increase rail infrastructure investment, implying a strong market outlook for NRC. We reiterate our BUY recommendation and NOK70 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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