Elkem (Buy, TP: NOK30.00) - Guidance looks right (for once)
Guidance looks right (for once) We are in line with consensus and guidance ahead of Q3 results expecting EBITDA of NOK655m, broadly flat QOQ. We have lowered our 2020−2021e EBITDA by 3−7% due to lower silicon metal price assumptions. We reiterate our BUY and NOK30 target price due to an attractive valuation with the shares trading at 3.7x our normalised EBITDA.
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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