Crayon (Buy, TP: NOK23.00) - Solid Q2; change in ownership
Strong headline results reflected a solid performance in Crayon's Nordic markets but a somewhat trailing performance elsewhere, prompting us to edge up our 2018e gross profit and adj. EBITDA. There were also changes in Crayon’s ownership structure on results day, which we see as a potential positive for the company. 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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