reports
Simen Mortensen
- Simen Mortensen
Solid margins in Sweden
Q2 EBITDA beat our forecast on a large seasonal swing and better margins in Sweden. Profitability in Norway was again weak on few orders given delays in public sector projects (Bane Nor) and less work in the market. However, Norway and Sweden are looking to increase rail infrastructure investment, implying a strong market outlook for NRC. We reiterate our BUY recommendation and NOK70 target price.
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