Carasent (Buy, TP: NOK37.00) - Delays in sales processes
We have updated our model to include the acquisitions of Confrere and HPI, and lowered our 2022–2024e organic growth on weaker near-term guidance. Despite ongoing delays in sales processes with larger clinics, the growth outlook remains strong. Moreover, given Carasent’s healthy net cash position, we continue to see significant upside potential from possible M&A. Thus, we reiterate our BUY but have cut our target price to NOK37 (45) on lower organic growth than previously forecast.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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