In this equity research report, analysts Gustav Wisenius and Jonathan Höglander present an in-depth
analysis of Nordrest, an entrepreneurial foodservice company poised to benefit from the ongoing
military rearmament across Europe. The company’s revenues are estimated to grow at a CAGR of
12.8% through 2027E, supported by an attractive FCF yield of 18.1% NTM. Through an equally
weighted DCF and a peer valuation, a target price of SEK 262 is implied, indicating a potential upside
of 143.5%.
Investment Highlights
● Top line growth of 25% until 2027E driven by ongoing rearmament
● Growth in Foodservice driven by high customer retention rate through unique offering
● Gross margin expansion in the Foodservice segment by 5 PP