Rusta (Buy, TP: SEK80.00) - Strong Q3 despite IT issues
We consider this a positive report for Rusta, with better-than-forecast top-line growth and gross margins, and less of an impact from the TietoEvry hacking than expected incident, as well as entering spring with good momentum (well stocked stores and warehouse). We expect consensus 2024e adjusted EBITA to come up by c4–5% on the back of the report, and believe a positive share price reaction is warranted.
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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