Enea (Hold, TP: SEK95.00) - Underlying business still shrinking
Enea’s business momentum improved in Q4 and is set for a seemingly strong Q1e as well, thanks to a large one-off order in the legacy OS business, which we believe to be from Nokia. Apart from the ensuing pull-in boost, not much has changed recently, we believe. While we understand the pipeline is expanding, we remain on the sidelines for Enea ahead of the Q1 results but have raised our target price to SEK95 (90).
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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