Rusta (Buy, TP: SEK88.00) - Neutral Q3, solid start to Q4
We consider this a neutral to positive report for Rusta, including Q3 results in line with Bloomberg consensus, an unchanged store growth outlook and strong start to Q4 on strong February. We expect consensus 2024/25e adj. EBITA to be fairly unchanged on the results 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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