Vimian (Buy, TP: SEK55.00) - Low growth set to continue in Q3e
Vimian is due to report Q3 earnings at 07:00 CET on 16 November. We believe underlying market conditions were similar to Q1–Q2’s (low single-digit organic growth and margins well below long-term targets). The company strengthened its financial position in Q3 though a capital raise of cSEK1.5bn, reducing its leverage to c3.1x by end-Q3e (down from c5x at end-Q2). We reiterate our BUY but have cut our target price to SEK55 (70) on the new share count and our forecast changes.
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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