In this equity research report, analysts Edvin Egnell and Caspar Lennér take a closer look at Norva24,
the leading underground infrastructure maintenance (UIM) player in Northern Europe. Norva is set to
capitalize on ongoing consolidation within the UIM industry, with revenue estimated to grow at a CAGR
of 17.3% until 2028E. Through an equally weighted DCF and a peer valuation, a target price of SEK 37.2
is implied, indicating a potential upside of 26.4%.

Investment Highlights

  • Continued industry consolidation supports further top-line growth driven by accretive acquisitions
  • Leveraging operational synergies to expand EBIT-margin to 11.0% by 2025E:
  • Undervalued critical service for urban functionality:

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