Report
Ole Martin Westgaard
EUR 90.87 For Business Accounts Only

Elmera Group (Sell, TP: NOK15.00) - Weak underlying figures

We consider this a soft report for Elmera Group, including adj. EBIT in line, but helped by a significant one-off in NGI related to the Mobile network migration while both the consumer and business segments were below expectations. We expect 2% negative revisions to consensus 2023e EBIT on the report and believe a negative share price reaction is warranted.
Underlying
Fjordkraft Holding ASA

Fjordkraft Holding ASA is a Norway-based holding company for Fjordkraft Group. The Group is a national electricity retailer and provider of related services to households, private and public companies, as well as municipalities. The core business includes the purchase, sale and portfolio management of electrical power. The Company operates within two segments: Consumer segment, which implies the sale of electrical power and related services to private consumers; and Business segment, which covers the sale of electrical power and related services to business consumers. Additional services comprise mobile phone subscriptions to private consumers and insurance sales, among others.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Ole Martin Westgaard

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