Vimian (Buy, TP: SEK110.00) - Strong start to 2022
The top line and adj. EBITA were slightly better than expected in Q1. The adj. EBITA margin was in line with our estimate but should be lower in Q2e (just like last year). We expect slightly less potential M&A in the coming quarters as price tags in the private market adjust to the changes in the public market. The macroeconomic climate might lead to slower growth, although we believe the companion animal market should be more resilient than other consumer markets. We reiterate our BUY and SEK110 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.