Crayon (Buy, TP: NOK200.00) - Can’t always be perfect
While Crayon significantly missed our estimates in Q2 due to higher growth investments, and we have cut our 2022–2024e adj. EPS by 10–6% on higher interest cost assumptions, we found the underlying trends in Q2 supportive of our investment case. We therefore reiterate our BUY, albeit with a lowered NOK200 (210) target price due to our estimate revisions.
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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