Autostore (Sell, TP: NOK18.00) - Expecting orders to soften further
We consider the Q4 report weak. Order intake and revenues came in below consensus and guidance was lowered, which was partly mitigated by faster-than-expected margin normalisation. We note that the order intake was likely considerably softer than at first glance when adjusting for the backlog-FX effect. We have lowered our revenue forecasts and reiterate our SELL and NOK18 target price.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.