Airthings (Buy, TP: NOK4.00) - Impressive performance in light of macroeconomic backdrop
Relief is the best way to describe Airthings’ Q2 report, in our view, with YOY top-line growth, a gross margin gain, and a smaller OPFCF loss, despite the challenging macroeconomic backdrop. Furthermore, the Q3 guidance was above our expectations, and execution on cost optimisation YTD has given us greater confidence in its ability to accelerate EBITDA breakeven to H2 2023. We reiterate our BUY and NOK4 target price.
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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