Still waiting for an improvement
Reported Q3 EBITDA of USD12.8m was negatively affected by USD5m of “exceptional itemsâ€, related primarily to restructuring. We forecast USD19m and consensus was USD18m. Net interest-bearing debt (including restricted cash) was USD6m higher QOQ, suggesting soft operating cash flow in the quarter. Focus during the earnings call later today is likely to be on the 2018 outlook. We expect the stock to underperform peers 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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