Rusta (Buy, TP: SEK88.00) - Store expansion could top target
Weak summer sales were offset by further gross margin gains in Q1 2024/25, with adj. EBITA 10% above our forecast. We like that Rusta is aiming for store growth at the top end of its guidance (or even above), and is well on its way to normalised gross margins of 44–45%. 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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