Elmera Group (Sell, TP: NOK24.00) - Likely to struggle to grow
We expect Q3 adj. EBIT slightly below consensus and Q3 2023 on flat net revenue and slightly higher costs YOY. While market churn is low, we believe Elmera Group is likely to struggle to grow due to its high prices and costs relative to competitors. We reiterate our SELL, but have raised our target price to NOK24 (23) on positive estimate revisions.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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