Elektroimportøren (Hold, TP: NOK41.00) - Weak Q1 and cautious outlook
We consider this a weak report for Elektroimportøren, including results below expectations, a cautious outlook, and a need for cost-cutting to protect profitability. We expect consensus 2023e EBITDA to fall 10% and believe a 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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