Airthings (Buy, TP: NOK8.00) - Decent report, but estimates cut
While the Q3 results were impressive in themselves, with sales above our estimate and Airthings appearing to have made a decent effort to optimise costs, we have lowered our 2022–2024e top line due to the macro environment. Therefore, we have reduced our target price to NOK8 (8.6), but 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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