DnB Markets - Northern Lights

Report

DnB Markets

Christer Magnergård ...

Helge André Martinsen
Jesper Ingildsen
Joachim Gunell
Jon Masdal
Karl-Johan Bonnevier
Marius Knudssøn
Martin Huseby Karlsen
Niclas Gehin
Nicolas McBeath
Ole-Andreas Krohn
Stefan Gauffin

Northern Lights

24/01/2018 21 EN

Provider

DnB Markets

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.

See profile

Analysts

Christer Magnergård

Helge André Martinsen

Jesper Ingildsen

Joachim Gunell

Jon Masdal

Karl-Johan Bonnevier

Marius Knudssøn

Martin Huseby Karlsen

Niclas Gehin

Nicolas McBeath

Ole-Andreas Krohn

Stefan Gauffin

Other Reports from DnB Markets

Karl-Johan Bonnevier

Karl-Johan Bonnevier

Humana (Buy, TP: SEK52.00) - Growth agenda back in focus

The Q1 results were mixed, but with the financials now in good order, we see more of a growth focus ahead. We find management’s priorities logical, with our underlying forecast largely unchanged, but our 2025–2027e EPS cut by 6–2% on FX and non-cash items. We reiterate our BUY, but have trimmed our target price to SEK52 (53), focusing on Humana’s market opportunity, operating profile, financial outlook and valuation.

Free Trial

13h / 11m 13h / 11m 1 EN

Stefan Gauffin

Stefan Gauffin

Lime Technologies (Sell, TP: SEK355.00) - Remain cautious

Softness in Expert Services kept organic growth at only 10%, and with the macroeconomic uncertainty, we see a risk that weaker growth will continue in the coming quarters. We reiterate our SELL and SEK355 target price.

Free Trial

13h / 18m 13h / 18m 1 EN

Karl-Johan Bonnevier

Karl-Johan Bonnevier

Netel Group Holding (Buy, TP: SEK18.00) - Solid outlook for 2025

Q1 offered further signs of good progress towards reducing volatility and improving performances across its operations, albeit in a seasonally small (start-up) quarter. We still see solid demand fundamentals and Netel further rebuilding its financial capacity in 2025. Lowering its financial targets looks logical to us, despite triggering 12–13% cuts to our 2026–2027e EPS. We still like the stock (2025–2027e FCF yield of 13–23%), and reiterate our BUY, but have cut our target price to SEK18 (22).

Free Trial

13h / 55m 13h / 55m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Northern Lights

Humana (Buy, TP: SEK52.00) - Growth agenda back in focus

Lime Technologies (Sell, TP: SEK355.00) - Remain cautious

Netel Group Holding (Buy, TP: SEK18.00) - Solid outlook for 2025

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe