Rusta (Buy, TP: SEK88.00) - Promising start to Q4
Q3 was more or less in line with consensus, as a soft gross margin hit by currency effects was offset by slightly higher sales YOY and good cost control. Rusta states the Q4 sales outlook is strong, and is optimistic on the spring season, while still seeing near-term currency drag. We like the continued customer inflow to its membership club (+13% YOY in Q3) and still-growing store pipeline. 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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