ALK-Abello (Buy, TP: DKK970.00) - Guidance slightly below estimates
The Q4 results were below our forecasts and consensus on revenue driven by SCIT/SLIT-drops, while operating profit was better than expected as revenue of tablets exceeded expectations. The 2018 guidance for cDKK2.7bn in revenue was slightly below expectations driven by FX, while the EBIDTA guidance of cDKK50m with little FX impact was below expectations. We expect the shares to perform in line with the market today.
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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