EVRY (Buy, TP: NOK40.00) - Medium-term targets & roadshow
While Q4 results were mostly in line, EVRY’s new 2018 target EBITA (adj.) % range and a lack of comments on medium-term targets disappointed. In our view the company’s reluctance to comment on previously stated targets has caused short-term investor concern around the shares, providing a particularly attractive buying opportunity. We reiterate our BUY, while reducing our target price to NOK40 (NOK41), seeing potential clarity around medium-term targets as a potential catalyst.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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