Atea (Buy, TP: NOK172.00) - Solid Q4 setting the stage for a rebound in 2021e
Following a solid Q4 report, we have lifted our estimates sharply heading into 2021 as we continue expect a rebound from a relatively challenging 2020 combined with a return to the black in Denmark. With the downside protection from a sustainable dividend policy and credible path to high-single digit growth in 2021, we continue to find Atea’s risk/reward compelling and reiterate our BUY with a raised NOK172 (136) target price.Atea is a Nordic and Baltic supplier of Information Technology (IT) infrastructure. Co. delivers IT products from vendors. Co.'s business can be divided into three separate product and service areas: hardware, software and services. Co.'s hardware, software and services offerings are divided into four areas: Communication, which consists of communication and networks; Collaboration, which consists of video and web conferencing, IP telephony, AV solutions, Unified Communication solutions, mobility and chat; Clients, which consists of PCs, tablets, smartphones; as well as Data centres, which consists of servers, data storage, virtualization and management.
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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