Europris (Buy, TP: NOK33.00) - Consensus hotter than the weather
Europris is set to report Q2 figures on 13 July at 07.00 CET. Although we believe its seasonal offering is set to benefit from favourable weather conditions, we find consensus expectations slightly on the high side and take a cautious stance ahead of the results. However, we continue to find valuation attractive and reiterate our BUY recommendation, with a revised target price of NOK33 (36), reflecting the NOK1.7 DPS and slightly negative estimate revisions.Europris ASA is a Norway-based discount retailer. The Company offers a broad assortment of brand name merchandise and own labels. Its offering is divided in 12 product categories: Home & Kitchen, Groceries, House & Garden, Electronics, Personal Care, Clothes & Shoes, Handyman, Hobby & Office, Candy & Chocolate, Laundry & Cleaning, Pets, and Travel, Leisure & Sport. The Europris chain comprises more than 220 stores across Norway. Its business model is based on direct ownership and franchise.
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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