Vimian (Buy, TP: SEK70.00) - Organic growth in focus
Vimian’s Q2 report was a mixed bag, in our opinion. Reported sales beat our expectations, but organic growth was only 1% YOY. Adj. EBITA was lower than we expected, but marginally higher than the (updated) company-collected consensus. However, after adjusting for differences in central costs, the company adj. EBITA fell c1% short of consensus. The bright spot was Veterinary Services, which beat our estimate and consensus on sales and adj. EBITA. We reiterate our BUY, but have cut our target price to SEK70 (90).
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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