Atea (Sell, TP: NOK103.00) - We advise caution into the numbers
While we have made only limited changes to our EBIT and EPS estimates ahead of the Q2 results, due 12 July at 07.00 CET, we again advise caution into the results, as we expect to get another sign that Denmark will take longer to turn around than the company itself expects. We are ~8% below consensus in Q2e EBIT and reiterate our SELL recommendation and NOK103 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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