Vimian (Buy, TP: SEK41.00) - Focus on cash flow going forward
Q4 earnings were better than expected but this was mostly due to the capitalisation of development costs, making this a ‘low-quality’ earnings beat. The new CEO (from Danaher Corp.) seems focused on improving cash flow, which has been a weak point for Vimian in the past. Also, we got the impression that M&A might be back on the agenda. We reiterate our BUY and have raised our target price to SEK41 (38).
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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