Elektroimportøren (Buy, TP: NOK18.00) - Early signs of improvement
We are positive ahead of the Q4 results, expecting EBITDA slightly above consensus, with early signals that the company is making progress on improving the performance of its Swedish store and that EV sales have started to recover. We still find the valuation attractive, and reiterate our BUY and NOK18 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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