Vimian (Buy, TP: SEK43.00) - Strong organic growth in Q2
Q2 organic growth and adj. EBITA beat expectations, while the margin was in line with consensus but well above our estimate. Management guided for healthy organic growth in H2, albeit less than Q2’s 14% YOY, but an improving margin sequentially and YOY. 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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