Norconsult (Buy, TP: NOK43.00) - Cost-driven low-season beat
While Q3s tend to be low season for Norconsult, the company beat our EBITA forecast and consensus on lower-than-expected costs. The billing ratio was below our forecast as new hires led to an FTE level 1.4% above our estimate, but costs were lower than we expected despite this. Overall, we have made minor forecast changes, but higher peer valuations have led us to raise our target price to NOK43 (42). We reiterate our BUY.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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