Elmera Group (Sell, TP: NOK20.00) - Consumer and guidance miss
Slightly soft Q4 results included adj. EBIT below our estimate and higher 2024–2025 cost guidance than expected. We reiterate our SELL, but, despite lowering our 2024–2025e EPS by 2.6–1.4%, we have raised our target price to NOK20 (16), as we have rolled forward our valuation multiples to 2025e.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.
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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