Following ZAL’s Q4’23 results we increase our margin assumptions ~50bps in 2024-2026e, leaving our EBIT estimates up 3-6%. With another quarter of ~50% “incremental” EBIT margin y/y, we expect continued margin expansion and forecast 11% adj. EBIT margin in 2024e, leaving ZAL trading at 11.5x our NOK 135m adj. EBIT. In 1y, we see ZAL having delivered 3 years of double-digit organic growth and 10 quarters of consecutive margin expansion, which should change the perception of a low-growth and margi ....
