Sagax (Sell, TP: SEK230.00) - Growth set to slow in H2 2024
The Q4 results were solid, with a 4% EBIT beat versus Infront consensus. We still expect FFOPS growth to slow in our forecast period, and by H2 2024 to fall below double digits, which we see as a potential negative catalyst. With a 2024–2026e FFOPS CAGR of 8–10% in our M&A scenario, we reiterate our SELL and we have lowered our target price to SEK230 (240), based on a 2025e P/FFO of 18x (19x).
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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