Crayon (Buy, TP: NOK23.00) - Expecting a solid Q4
We expect a solid Q4, driven by strong growth across Crayon’s Nordic and growth markets, and start-ups; we are ~7% above consensus on Q4e gross profit and ~11% above on adj. EBITDA (results due at 07:00 CET on 12 February). We expect focus in the Q4 presentation to be on the future business mix as well as Crayon’s US operations. We maintain our BUY recommendation 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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