We reiterate our Buy recommendation and increase our TP to NOK 145 (140). The company delivered a strong Q1 across all KPIs. Pro forma revenue growth reached 13%, while EBITA grew 37%, demonstrating meaningful margin expansion. Cash generation remained solid, with LTM cash conversion of 99% and a quarter-end cash position of NOK 1bn. With a robust balance sheet and a solid competitive position, Endúr is well placed to drive further consolidation in the attractive but fragmented Nordic infrastruc ....
