Sweden's Karnov Group gains after Berenberg raises to 'buy'
23/07/2024 13:32
** Information services provider Karnov's KARNO.ST shares
up 3.3%
** Brokerage Berenberg raises rating on company's shares to
"buy" from "hold", expects company to deliver on its synergy
target for 2027
** Brokerage points also to Karnov's near-monopolistic
market position in Scandinavia
** "We like Karnov because of its strong position in an
industry with favourable market dynamics and its highly
predictable revenues, combined with strong cash flow generation"
- Berenberg
** Longer-term, brokerage sees Karnov having opportunities
for organic growth, acquisitions and further margin improvements
** After Karnov's shares fell 15% since bid by Greenoaks and
Long Path failed, it trades at a 40% discount to peers,
Berenberg says, raises PT by 19% to 100 Swedish crowns
(Reporting by Anna Pruchnicka)
((anna.pruchnicka@tr.com))