Vimian (Buy, TP: SEK70.00) - Equity raise to strengthen the balance sheet
Vimian announced last night that it had executed a directed share issue of c51.7m new shares priced at SEK29/share (implying a c8.5% discount to yesterday’s close). In total, the company raised cSEK1.5bn (before costs). This raise should lower net debt/adj. EBITDA by c1.65x based on our 2022e adj. EBITDA. We consider the capital raise both defensive (lower debt) and offensive as it still leaves room for further acquisitions.
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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