Crayon (Buy, TP: NOK27.00) - Expecting a solid start to 2019
We have not made any changes to our estimates ahead of the Q1 results, and continue to expect the quarter to set the stage for another year of double-digit growth in gross profit and EBITDA for Crayon. Nevertheless, Crayon remains significantly undervalued by the market in our view, and we reiterate our BUY recommendation and NOK27 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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