OX2 (Hold, TP: SEK60.00) - Limited earnings in Q2e
We expect Q2 to be another slow earnings and cash-flow quarter due to limited project sales, with 42.5MW energy-storage project Bredhälla the only announced and closed transaction during the quarter. However, the project sales pipeline looks largely intact as expectations of a back-end-loaded 2024 grow. We reiterate our HOLD and SEK60 target price given the ongoing bid from EQT, which we deem likely to go through.
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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