Elektroimportøren (Hold, TP: NOK10.00) - Mixed report
We consider this a mixed report for Elektroimportøren, including EBITDA below our expectation, with slightly higher than-expected sales hit by weak gross margins, but a slightly improved outlook with early signs of better demand. We expect consensus 2024e EBITDA to come down c3% and believe a neutral to slightly negative share price reaction is warranted.
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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