EVRY (Buy, TP: NOK41.00) - Increased upside potential
While median peer multiples expansion since November now implies an equity value of NOK42–48, key peer Tieto’s multiples are mostly unchanged. We have cut our 2017–2019e EBITDA (adj.) by 1–2% and are 5% below Q4 consensus. We see solid underlying value and reiterate our BUY recommendation and NOK41 target price, and believe the Q4 results could create a particularly attractive buying opportunity (due at 07:00 CET on 6 February, when we also expect 2018 targets).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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