We reiterate our Buy recommendation and increase our TP to NOK 155 (150) on the back of SWON’s strong Q1 report and upbeat guidance. While early renewals had a positive impact on Q1 growth, growth trends were in the right direction, with both higher margins and lower adjustments, increasing earnings quality. As we now model ~10% organic cc. revenue growth and a 23.7% adj. EBITDA margin, we find the ~10/8x ’26/27e P/cEPS adj. appealing. On top of the recovery story, we believe SWON to be well pos ....
