Storskogen (Buy, TP: SEK14.00) - Re-establishing its financial capacity
Storskogen continued to re-establish its FCF generation credentials in Q1, easing investor concerns. Its focus remains on internal efficiency and deleveraging the balance sheet, so we still expect a less eventful 2023. Our forecasts are broadly unchanged. We continue to see strong value support (2023–2025e FCF yields of 12–14%) and reiterate our BUY but have lowered our target price to SEK14 (15), now applying a normal 20% discount to our SOTP valuation.
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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