Kepler lowers Norva24 to 'hold', adjusts PT to match 'reasonable' cash bid

Norva24 AB (publ)

11/03/2025 12:26

** Kepler Cheuvreux downgrades underground infrastructure maintenance services provider Norva24 NORVA.ST to "hold" from "buy" after Apax Funds' cash bid priced at SEK 36.50 per share, which it sees as a "reasonable offer"

** The broker says the risk of a counteroffer is limited, partially because the company's bid committee recommends the offer

** It adds the offer comes at a reasonable yet attractive premium of about 59% to Friday's closing price

** The premium is also about 18% above Kepler's earlier PT, which it raises to match the offer

** Out of four analysts that cover Norva24, two rate it "strong buy"/"buy" and two "hold"

 (Reporting by Marta Frackowiak)

 ((marta.frackowiak@thomsonreuters.com))