Crayon (Hold, TP: NOK112.00) - Seeing more balanced risk/reward
We find the valuation less demanding, even with the uncertainty over how much of the Q4 gross profit headwinds will persist in Q1 and whether Crayon might be approaching a 2017- or 2018-type of year. Moreover, combined with the upside prospects of a potential take-out by SoftwareONE as early as June, we see a more balanced risk/reward. Thus, we have raised our target price to NOK112 (90) and upgraded to HOLD (SELL).
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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