Crayon (Buy, TP: NOK23.00) - Q2 to set the tone for 2018
Given Q2’s relative importance to the full-year results, we expect the Q2 results to set the tone for the 2018 guidance (results due at 07:00 CET on 22 August). We have made only negligible estimate changes (on FX) and continue to estimate 2018 gross profit and adjusted EBITDA at the higher end of the company’s targeted range following solid Q1 results. 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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