Crayon (Hold, TP: NOK110.00) - Mixed Q1 leaves uncertainty
After a mixed Q1, which left us unsure which headwinds and tailwinds were temporary or persistent, we have made only limited revisions to our estimates, and reiterate our HOLD and NOK110 target price. In our view, key questions remain unanswered about working capital, pull-forward of demand, and the underlying performance in the acquired rhipe business unit and markets outside the Nordics.
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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