OMDA (Buy, TP: NOK35.00) - Profitability needed
We have trimmed our 2024–2026e sales ahead of the Q3 results, partly offset by Predicare, and increased our opex estimates, as cost reductions are set to take longer than we expected. Given the company’s financial position, we believe profitability is needed to avoid a liquidity risk. Still, we continue to expect organic growth and the cost focus to drive earnings momentum. We reiterate our BUY, but have cut our target price to NOK35 (40) to reflect more cautious estimates.
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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