Kindred Group (Buy, TP: SEK105.00) - Set for more positive surprises
We see an especially good buying opportunity given the muted share price, cautious 2021e consensus, and our Q4e of 100%+ EBITDA growth YOY. The near-term outlook is positive with e.g. strong current trading and clear signs of mitigating factors to rising duties. We have lifted our 2021e EBITDA by 7% and increased our target price to SEK105 (100). We reiterate our BUY.
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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