Storskogen (Buy, TP: SEK34.00) - Up to BUY on weak share price
Q4 was mixed but the weak share price seems more related to a new investor focus, as the impressive acquisition-based growth soon will either require further new equity or be trimmed if the company is relying only on its own FCF. With our adjusted forecast reflecting the latter scenario, the shares have strong value support, with a FCF yield of 5.7–6.5% for 2022–2024e. We have upgraded to BUY (HOLD) with a SEK34 (42) target price.
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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