Rusta (Buy, TP: SEK83.00) -
Solid underlying trends persistQ3 was strong, with adj. EBITA 10% above our estimate, good momentum into the spring/summer season, and reiterated financial targets. Rusta maintains its strong price position versus Nordic peers, and Q3 marked the first quarter with positive sourcing benefits (from Asia), which are expected to be positive in the coming three quarters as well. With 16 stores in the pipeline over the next 12 months, we believe Rusta is well positioned for further growth. We reiterate our BUY, and have raised our target price to SEK83 (80) on higher estimates.
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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