Carasent (Buy, TP: NOK27.00) - Strategic initiatives bearing fruit
Carasent reported accelerated growth (17% YOY in organic recurring revenues) and improved profitability in Q3, suggesting that its strategic initiatives have started to materialise, further substantiated by the milestone acquisition of Data-Al. While we have raised our 2025–2026e EBITDAC by 12%, we still see upside potential from further growth and cost synergies. Thus, we reiterate our BUY and have raised our target price to NOK27 (25).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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