Crayon (Buy, TP: NOK160.00) - Mixed report, but good overall
While Q3 had a lot of moving parts, we find the continued market share gains and 28% YOY organic growth (constant currency) illustrative of Crayon’s leading market position. However, these gains come with greater than expected upfront investments, and we have cut our 2022–2024e adj. OPFCF by 2–6%. We reiterate our BUY but have cut our target price to NOK160 (200) on updated estimates and unfavourable peer trading.
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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