DnB Markets

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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.

 

Tomi Railo
  • Tomi Railo
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VALMT VALMET CORP

Valmet (Buy, TP: EUR30.00) - Q1 on the weak side

Following a mixed but negatively skewed overall Q1, we have lowered our 2024–2026e clean EPS by c4% on average. We reiterate our BUY and EUR30 target price.

8h / 42m 8h / 42m 1 EN
Ole Martin Westgaard
  • Ole Martin Westgaard
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KOMPL KOMPLETT ASA

Komplett (Hold, TP: NOK10.00) - Challenging market set to persist

The Q1 report was weak, as revenues were badly hit by a challenging market, which looks set to persist near-term. We reiterate our HOLD and have cut our target price to NOK10 (12) on negative estimate revisions. At our new target price, the stock would be trading at a 2026e P/E of c5x, which we find to be warranted given the subdued market outlook and weak balance sheet.

8h / 42m 8h / 42m 1 EN
Ole Martin Westgaard
  • Ole Martin Westgaard
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XXL XXL ASA

XXL ASA (No_rec, TP: NOK) - Weak Q1, but better than forecast

XXL reported weak Q1 results, albeit slightly better than expected, as it continues to underperform in a challenging market. On a positive note, the company continues to make progress on its strategic initiatives and has improved its financial position following the private placement. We have cut our 2024–2025e EBITDA by 21–13% on slightly revised revenue and margin assumptions.

8h / 45m 8h / 45m 1 EN
Ebba Bjorklid
  • Ebba Bjorklid
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AF B AF Poyry AB Cla...

AFRY (Buy, TP: SEK203.00) - On track

In Q1, low capacity utilisation in Process Industries (PI) weighed on EBITA, but this headwind should ease from Q2. The infrastructure turnaround continued, and group capacity utilisation improved YOY excluding PI. We expect group capacity utilisation to improve YOY from H2. We reiterate our BUY but have lowered our target price to SEK203 (205).

AF B AF POYRY AB CLASS B
9h / 13m 9h / 13m 1 EN
Johannes Grunselius
  • Johannes Grunselius
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SSAB A SSAB AB CLASS A

SSAB (Buy, TP: SEK100.00) - Impressive earnings resilience

Q1 proved another solid quarter, aided by impressive earnings resilience in SSAB Special Steels and SSAB Europe. While we have lowered our 2024-25 forecasts for SSAB Americas, this is offset by a more positive view on SSAB Special Steels and SSAB Europe, meaning our group earnings are largely unchanged. We reiterate our BUY, but given the stock is now trading ex-dividend (DPS of SEK5), we have lowered our target price to SEK100 (SEK105).

9h / 14m 9h / 14m 1 EN

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