Carasent (Buy, TP: NOK25.00) - Q4 in line; room for margin surprise
We have trimmed our 2024e revenue by ~1% following the Confrere divestment, and while we have raised our 2024–2025e gross opex by 3%, we see room for further cost reductions if organic growth does not accelerate, implying upside risk to our underlying margin assumptions. We still expect earnings momentum from the current growth initiatives and cost discipline, and thus reiterate our BUY and NOK25 target price.Apptix is a provider of hosted business communication, collaboration, and infrastructure solutions to businesses of all sizes. Co.'s portfolio of Cloud solutions includes Microsoft® Exchange, SharePoint®, and Lync®, as well as hosted VoIP, encryption, archiving, and mobile device management. Co.'s hosted services are delivered across a network infrastructure and built upon hardware and software housed in Tier IV, SSAE 16 SOC 1 Type II certified, geographically dispersed interconnected data centers.
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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