Vimian (Buy, TP: SEK43.00) - Q4 in line with expectations
Q4 earnings were broadly in line with our estimate, while sales and adj. EBITA were c4% and c2% above. Organic growth stayed low at c3.5% YOY but Vimian’s comments about high-single digit growth at the start of 2023, in line with its full-year target, were promising. It said its long-term aim of a c35% adj. EBITA margin would be hard to reach by 2025 as previously guided due to product mix changes. We reiterate our BUY and SEK43 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.
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