Storskogen (Buy, TP: SEK15.80) - Growth-oriented capital allocation
Storskogen’s 2024 might be seen as uneventful from a growth perspective, but major steps were taken to reestablish its investment credentials with its portfolio clean-up, improved FCF and return to financial strength. We see the potential for the company to return to a more growth-oriented capital allocation focus in 2025, ending the deleveraging period. We reiterate our BUY on still-strong valuation support and have raised our target price to SEK15.8 (11.7), moving from a SOTP to a valuation multiples approach to better mirror the case evolution.
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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