Rusta (Buy, TP: SEK88.00) - Expansion optionality not priced in
We are below consensus on Q2e adj. EBIT. In this report, we also look at the optionality of a potential successful European expansion, which we believe has close to zero value in Rusta today. We reiterate our BUY and SEK88 target price as we continue to like the long-term equity case.
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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