Storskogen (Hold, TP: SEK42.00) - Impressive execution to date
Our Q4 Storskogen forecasts are broadly in line with consensus. Consolidating the acquisitions since the Q3 update (21 in total) implies a 17–20% lift to earnings for 2022–2024e, illustrating the dynamic in Storskogen’s compounding model. However, with peer multiples deflating, we have cut our target price to SEK42 (50) and have narrowed the spread between our bull and bear cases, leading us to reiterate our HOLD.
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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