Vimian (Buy, TP: SEK110.00) - Good report overall
Q4 sales and margins were well in line with our estimates, and we believe Vimian still has room for further potential M&A. While recent acquisitions could have a short-term negative mix impact on margins, we expect the company to continue to see healthy growth and rising margins over time. We have updated our forecasts to reflect the recent acquisitions. We reiterate our BUY but have cut our target price to SEK110 (120).
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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