Gentian Diagnostics (Buy, TP: NOK81.00) - In-line Q1

Gentian reported Q1 sales of cNOK20m, fairly in line with our expectations. The most unexpected part of the report was the decision to push back the launch of the NT-proBNP assay by one quarter. This has no impact on our valuation, and we highlight that the delay does not reflect an issue with the actual assay. The planned launch of the SARS-CoV-2 antibody test in Q4 2021 is still on track. We have made only minor adjustments to our estimates and reiterate our BUY and NOK81 target price.

Northern Lights

Gentian Diagnostics (Buy, TP: NOK81.00) - Primed for strong 2021e growth

Gentian reported record sales in Q4 and ended 2020 with 22% organic top-line growth. We believe the most promising potential share-price catalysts in 2021 would be an announcement of a commercial partnership for GCAL® and an unveiling of the next pipeline asset. We continue to like the growth story, and forecast 25% organic sales growth in 2021. We reiterate our BUY and NOK81 target price.

Airthings (No_rec, TP: NOK) - Recommendation and target price withdrawn

As a result of DNB Markets acting as financial advisor in conjunction with the company’s announcement (link) of a strategic review prompted by a non-binding letter of intent from Firda AS to explore a potential sale of its business segment assets, we have withdrawn our target price and recommendation.

SpareBank 1 Helgeland (Hold, TP: NOK167.00) - Softer margin, but lower costs

Helped by still-solid core revenues, cost reduction YOY and moderate loan losses, HELG reported a Q1 ROE of 12.3%, despite some margin pressure. With solid earnings generation, the bank increased its CET1 ratio by ~20bp to 18.0% and still guides for a 0.8%-point benefit from the implementation of Basel IV, boding well for meaningful distributions. We have lowered our 2026–2027e EPS by 0–1%, That said, we reiterate our target price of NOK167. With the stock trading at a 2026e P/E of ~12.4x, we continue to find the valuation fair and reiterate our HOLD.

Smartoptics (Buy, TP: NOK27.00) - We remain optimistic

Smartoptics’ Q1 results marked a slower start to the year than we forecast, primarily owing to weaker sales in Devices, which seems to be back to near-term tariff-induced uncertainty. On the flip side, we understand the slowdown seen towards end-Q1 has already caught up again in order inflow, and thus we remain upbeat for the quarters ahead. Following an estimate reduction, we have lowered our target price to NOK27 (30) but reiterate our BUY.