Sagax - Initiation of coverage - Time to test the wind resilience
Time to test the wind resilienceWe initiate coverage of Sagax with a SELL and SEK240 target price. Sagax has outperformed the sector consistently for more than a decade, but we believe the stock price does not accurately reflect the company’s new growth prospects. In our M&A scenario, we reach a 2024–2026e FFOPS CAGR of 8–10% as our base case and we believe Sagax must rely on accretive equity raises to reach the c15% growth we believe the market has priced in at a 150% NAV premium.
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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