Crayon (Buy, TP: NOK24.00) - Modest estimate changes
We have lowered both our Q4 2017e gross profit and EBITDA (adj.) estimates by 3%, and now estimate FY 2017 YOY gross profit growth of 9%, versus Crayon’s ~10% target. Nevertheless, we still expect solid financial performance over the next few years and continue to believe the shares are significantly undervalued. We reiterate our BUY recommendation, and have raised our target price to NOK24 (22) on expanded peer multiples.
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.