CSAM Health (Buy, TP: NOK45.00) - Higher profitability on the horizon
We have made only minor estimate revisions ahead of the Q4 results, increasing our Q4e opex on a higher number of FTEs, but we have not included any non-recurring opex related to the restructuring. We continue to expect higher operating profitability as CSAM fully integrates its acquired companies and finalises its cost-reduction initiatives. Thus, we reiterate our BUY and NOK45 target price.
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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