Elektroimportøren (Buy, TP: NOK95.00) - B2B growth to outweigh soft B2C
We expect continued revenue growth in Q3, albeit lower than in the past four quarters, as Elektroimportøren faces tough comparables. We also see slight headwinds on gross margins given a mix effect with a greater B2B share YOY and somewhat higher opex on normalising operations. We reiterate our BUY, but have trimmed our target price to NOK95 (100) on lower estimates.
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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