EVRY (Buy, TP: NOK37.00) - Unfortunate postponement of catalyst
The Q4 results disappointed with adj. EBITA 8% below our estimate and 4% below consensus, as EVRY’s Swedish business still struggled with profitability and some Norwegian business was pushed to 2019. An indicated front-end loading of NRIs for 2019 also likely makes H1 2019 an unexciting period as the main share catalyst (in our view) has been postponed. We keep our BUY, but have cut our target price to NOK37 (40) on lowered estimates.EDB Business Partner is a vendor of IT services in the Nordic region. Co. is organized into three business areas: Solutions; Application Services and IT Operations. The Solutions business area offers a range of software and consulting services for the Nordic banking and finance sector. The Application Services business area delivers a range of consulting services, through Guide Konsult in Sweden and Avenir in Norway. The IT Operations business area comprises network services, infrastructure and applications operations, security services, user support, as well as electronic business support services such as invoice management, payment services, messaging and printing.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.