Atea (Hold, TP: NOK111.00) - Verdict weighs on Q3e EBIT
Q2 was a mixed bag, with solid performance in Norway and Sweden but challenging performance in Denmark. Moreover, Atea said the Danish state procurement unit’s recommendation that the public sector (13% of group revenues) ceases business with Atea until it reviews the guilty verdict and the ‘self-cleaning’ initiatives are complete would negatively affect Q3. We maintain our HOLD, but have cut our target price to NOK111 (120) on lower estimates.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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