Enea (Buy, TP: SEK300.00) - Strong cost execution
Enea delivered a quarter with slightly negative organic, FX-adjusted growth as expected but surprised positively on cost execution. In addition, we find the message on the new growth areas such as software for Private 5G core, IoT connectivity control and edge virtualisation compelling. We have raised our 2021e EPS 16% but keep 2022e unchanged. We reiterate our BUY and SEK300 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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