Rusta (Buy, TP: SEK88.00) - Network(ing)
The revised medium-term outlook for store growth and a good start to the key Christmas season offset the slightly soft Q2 2024/25 results. We also highlight the 13% YOY increase in membership of its loyalty club to 6m and encouraging comments on consumer sentiment in Sweden boding well for next year. We reiterate our BUY and SEK88 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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