OX2 (Buy, TP: SEK75.00) - Slow Q1 expected
We expect Q1 to have been a slow quarter for earnings and cash flow, on low project-sales volumes. However, we have made limited changes to our 2024–2026e EBIT, as OX2 still has a healthy project sales pipeline of c1GW, which we assume could be concentrated towards Q2–Q4 2024. We reiterate our BUY and SEK75 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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