Elektroimportøren (Hold, TP: NOK18.00) - Facing multiple challenges
A tough market outlook, a significant drop in EV charger sales, soft Namron sales and margins, and a slow start for the Sweden expansion have challenged the profitability of Elektroimportøren’s business model. Although we find the company’s market valuation low, near-term multiples are high and we struggle to identify a rerating catalyst. We reinstate a recommendation with a HOLD and 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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