Elektroimportøren (Buy, TP: NOK18.00) - Taking the edge off the darkness
Elektroimportøren’s share price is down c70% YTD as earnings have been hurt by a weak consumer backdrop, low EV charger sales, and a rough start to strategic initiatives such as the new Swedish stores and heating pumps. Although the consumer backdrop is set to remain challenging, we believe a bleak outlook is reflected in the share price and find the valuation attractive. We have upgraded to BUY (HOLD), and reiterate our 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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