Crayon (Buy, TP: NOK23.00) - Decent Q3 results
We believe the Q3 results were decent, beating our estimates and consensus for gross profit and adj. EBITDA. Crayon also increased its guidance for gross profit and narrowed its range for adj. EBITDA, and raised its guidance for 2018 net working capital and capex. We have increased our growth estimates, but made limited changes to our FCF estimates. We reiterate our BUY and NOK23 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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