Elektroimportøren (Buy, TP: NOK95.00) - Strong Q4e on tough comparables
We expect continued revenue growth in Q4, albeit at a lower level than in the previous four quarters on the back of tough comparables, especially in B2C. We also expect continued gross margin headwinds due to mix effects with greater shares of B2B and EV chargers. We reiterate our BUY and NOK95 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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