Europris (Buy, TP: NOK42.00) - Going strong
Europris reported a convincing Q1, with results above expectations, and a strong near-term outlook supported by increased domestic consumption on the back of Covid-19. We reiterate our BUY, and have raised our target price to NOK42 (36) to reflect positive earnings revisions. At our new target price, the stock would be trading at a 2020e P/E of 14x, adjusted for the upcoming DPS of NOK1.95.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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