Storskogen (Buy, TP: SEK11.30) - Financials eating into forecasts
The Q2 report missed expectations. The results prompted only modest adjustments to our operating profit forecasts, but the high gearing and increasing financial costs have translated into 11–13% cuts to our 2023–2025e EPS. With focus remaining on deleveraging the balance sheet and internal efficiency, we still expect a less-eventful 2023. We continue to see strong value support (2023–2025e FCF yields of 16–19%) and reiterate our BUY, but have lowered our target price to SEK11.3 (14).
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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