Elektroimportøren (Hold, TP: NOK45.00) - Modest growth amid uncertainty
The Q4 results fell short of our expectations due to a lower than expected gross margin. The company indicated solid long-term growth potential, but expects near-term growth to be modest, reflecting a challenging consumer backdrop. We reiterate our HOLD and NOK45 target price despite negative estimate revisions.
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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