Airthings (Buy, TP: NOK4.00) - Near-term headwinds, but our underlying conviction remains
While we remain firmly confident in the underlying market trends and Airthings’ positioning, we see no choice but to lower our expectations on continued bearish reads on consumer spending. We have therefore cut our top-line estimates by 30–35%, and in turn our target price to NOK4 (8), which equals the invested capital, while our DCF still suggests ample upside potential. 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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