OX2 (Buy, TP: SEK75.00) - Cash flow steals the show
Q4 EBIT was just above consensus, and OX2 met its full-year guidance of SEK1bn, and with quarterly FCF of SEK1.5bn, we consider the overall performance strong, while net cash is now c20% of its market cap. We reiterate our BUY and have raised our target price to SEK75 (68) on improved peer multiples and after nudging up our 2025e EBIT by 4%.
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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