DnB Markets - Crayon (CRAYON) Crayon (Buy, TP: NOK125.00) - Continuing to outperform peers

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DnB Markets

Christoffer Wang Bjørnsen

EUR 88.42 For Business Accounts Only

Crayon (Buy, TP: NOK125.00) - Continuing to outperform peers

Crayon continued to outperform its broader market during Q3 and we see no reason for this to change. With adj. EBITDA and gross profit significantly above our expectations in Q3, we have raised our estimates and target price to NOK125 (115) – BUY reiterated.

29/10/2020 15 EN

Underlying

Crayon

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Provider

DnB Markets

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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Analysts

Christoffer Wang Bjørnsen

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While we have trimmed our earnings estimates on slightly higher growth investments after a stronger than expected Q4, we see the timing as right for Crayon to continue building its global position. Thus, we have raised our target price to NOK180 (155) as we expect the market to continue to appreciate Crayon’s unique growth profile. We reiterate our BUY.

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Crayon (Buy, TP: NOK155.00) - Set to grow faster than the market – again

We have made limited estimate revisions ahead of the Q4 results beyond incorporating the Sensa acquisition. We continue to expect Crayon to outperform peers in terms of gross profit growth thanks to its high exposure to the enterprise software and cloud services markets. We reiterate our BUY and have raised our target price to NOK155 (125).

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SpareBank 1 Helgeland (Hold, TP: NOK167.00) - Softer margin, but lower costs

Helped by still-solid core revenues, cost reduction YOY and moderate loan losses, HELG reported a Q1 ROE of 12.3%, despite some margin pressure. With solid earnings generation, the bank increased its CET1 ratio by ~20bp to 18.0% and still guides for a 0.8%-point benefit from the implementation of Basel IV, boding well for meaningful distributions. We have lowered our 2026–2027e EPS by 0–1%, That said, we reiterate our target price of NOK167. With the stock trading at a 2026e P/E of ~12.4x, we continue to find the valuation fair and reiterate our HOLD.

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Crayon (Buy, TP: NOK125.00) - Continuing to outperform peers

Crayon (Buy, TP: NOK180.00) - Signs of International scale

Crayon (Buy, TP: NOK180.00) - Unique exposure shining through

Crayon (Buy, TP: NOK155.00) - Set to grow faster than the market – again

Airthings (No_rec, TP: NOK) - Recommendation and target price withdrawn

SpareBank 1 Helgeland (Hold, TP: NOK167.00) - Softer margin, but lower costs

Smartoptics (Buy, TP: NOK27.00) - We remain optimistic

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