Securitas (Buy, TP: SEK177.00) - New CEO to accelerate transition
Securitas new CEO Magnus Ahlqvist presented his first quarterly report, showing accelerating organic growth but weak earnings leverage, the same pattern of late. The Technology Solutions growth case, now detailed on a quarterly basis, progressed strongly (+20% YOY) and the new CEO wants to accelerate the company’s transition. We have raised our forecasts slightly (mainly FX driven) and reiterate our BUY recommendation, increasing our target price to SEK177 (175).
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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