Elektroimportøren (Buy, TP: NOK86.00) - Strong Q1e despite Covid-19
We are positive ahead of the Q1 results (due at 06:45 CET on 5 May). We expect the solid revenue growth seen in Q2–Q4 2020 to continue in 2021, albeit at a slightly lower level, as it should face a headwind from the temporary store closures towards the end of the quarter. We reiterate our BUY and NOK86 target price as we continue to find the valuation attractive.
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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