Crayon (Buy, TP: NOK180.00) - Signs of International scale
Following another set of quarterly results that beat our estimates and consensus, and signs of operating leverage beyond the Nordics, albeit in a smaller quarter from a seasonal perspective, we have raised our estimates slightly. We view Q1 as a quarter in which Crayon continued to demonstrate that it is building a global platform from which it can harvest down the line. We reiterate our BUY and NOK180 target price.
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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