Storskogen (Buy, TP: SEK17.50) - Resetting focus
Q2 earnings recovered QOQ, but FCF was weaker, and we believe the valuation reflects the internal shift in focus from high acquisition-based growth to efficiencies and restoration of FCF generation capacity. Our revised forecasts reflect this and higher financing costs, but we still see strong value support for the stock, with 2022–2024e FCF yields of 7.2–11.3%. We reiterate our BUY but have cut our target price to SEK17.50 (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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