Crayon (Buy, TP: NOK190.00) - Estimates and target price lifted
Q2 adj. EBITDA was well above our estimate (despite a slight miss in gross profit), prompting us to raise our 2021–2023 EBITDA estimates by 11–2%, reflecting stronger margins in Crayon’s international operations. In turn, we have lifted our target price to NOK190 (180), and reiterate our BUY.
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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