Crayon (Buy, TP: NOK75.00) - Continuing to outperform
Crayon continued to outperform its market, as well as our forecasts and consensus in Q1, with 24% organic gross profit growth YOY driven by all business units. While we have lowered our estimates slightly, we reiterate our BUY and NOK75 target price as Crayon continues to take market share on the back of a seemingly unique position.
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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