Elektroimportøren (Buy, TP: NOK14.50) - Lighting up
Elektroimportøren continues to navigate a challenging market, but we find the Q3 adj. EBITDA beat encouraging, driven by improved profitability. We have upgraded to BUY (HOLD) and raised our target price to NOK14.5 (9.5) on positive estimate revisions, reduced financial risk and peer group multiples expansion.
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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