Storskogen (Buy, TP: SEK9.25) - Another year of deleveraging focus
Q1 was weak, but above our expectations, prompting only limited forecast changes. The near-term focus remains on internal efficiency, returning to organic EBITA growth and deleveraging (end-Q1 net debt to EBITDA was still high at 3.31x all-in), suggesting a less-eventful 2024 from a corporate action perspective and renewed growth ambitions. We reiterate our BUY on still-strong valuation support (2024–2026e FCF yields of 17–22%), and have increased our target price to SEK9.25 (8.70).
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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