Storskogen (Buy, TP: SEK11.00) - Foundation for 2025 established
Storskogen has taken major steps to reestablish its investment credentials with investors in Q2, with the M Industrial Invest deal speeding up the clean-up of the portfolio. Thus, Q2 was also more of a financial tidying, with the underlying growth still looking solid. We see potential for Storskogen to restart a more growth-oriented capital allocation focus in 2025, ending the deleveraging period. We reiterate our BUY on still-strong valuation support (2025–2026e FCF yields of 17–18%), and have increased our target price to SEK11 (9.25).
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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