Elektroimportøren (Hold, TP: NOK9.50) - No quick fix
We reiterate our HOLD, but have cut our target price to NOK9.5 (10) on negative estimate revisions post the Q2 results, which were badly hit by weak gross margins. Although the company looks to be taking action to restore gross margins and increase revenues in Sweden, the earnings outlook remains subdued.
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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