EVRY (Buy, TP: NOK40.00) - Q2 review, roadshow feedback
EVRY delivered a strong set of Q2 sales and adj. EBITA figures, above our and consensus estimates, and in our view should be well on track to deliver FY 2018 results in the higher end of its guided range. Coming back from a post-Q2 results roadshow, talking points with investors included: FY 2018 guidance, the trailing H1 performance in Sweden, ATM opportunities in Europe, as well as a rekindling of interest in a potential EVRY/Tieto merger. We reiterate our BUY recommendation and NOK40 target price.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.
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