Nordic Semiconductor (Buy, TP: NOK140.00) - Not its first intermezzo
The recent CMD revealed a mismatch between our pre-CMD estimates and the company’s indications of 2025 short-range business top-line momentum, seemingly partly due to a new product launch gap between nRF52 and nRF54. Nevertheless, we found the non-financial part of the CMD materials packed with datapoints supportive of our medium- to longer-term view, especially in terms of the performance of new products versus the competition. While we do not find the intrinsic story to have changed, we have cut our 2024–2026 revenue and earnings estimates, and our target price to NOK140 (180), as we expect the stock to remain depressed as the company enters an intermezzo, but reiterate our BUY as we expect this one to be less painful than the last one.Nordic Semiconductor is a fabless semiconductor company which designs, sells and delivers integrated circuits and related intellectual property for use in short-range wireless applications. Co. is engaged in ultra-low power wireless solutions, based on its proprietary 2.4 Gigahertz Radio Frequency and Bluetooth Smart technology. Co.'s components are manufactured by subcontractors and sold through electronics distributors to manufacturers of branded electronics across a range of product categories. These categories include personal computer and tablet accessories, sports/health monitors, mobile phone accessories, media remote controls, home and industrial automation, and other applications.
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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