Elektroimportøren (Buy, TP: NOK15.00) - Signs of market improvement
Our Q1 forecasts are slightly below consensus, but with continued improvement YOY on solid revenue growth, gross margin improvement and cost control in both countries. We reiterate our BUY and NOK15 target price as we continue to find the valuation attractive, with signs of improved financial performance and market conditions.
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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