Ice Group (Buy, TP: NOK22.00) - Tougher competition, debt catalyst
Gains in the more quality-oriented segment of the Norwegian mobile market is still a couple of years off, in our view. At the same time, data allowance inflation in the no-frills segment is challenging Ice’s more-for-more strategy. Still, Ice should be able to gain from an increased build-out, reopening and a potential Goldentree debt agreement. We reiterate our BUY, while we have lowered our target price to NOK22 (24).Ice Group ASA, formerly Ice Group AS, is a Norway-based telecommunications company and mobile network operator that focuses on broadband wireless data communication services in Nordic countries. It divides its activities into geographical segments according to the markets of operations. The Company operates in Norway under the brand ice, offering a full spectrum of mobile telecommunication services, including data, voice, messaging and mobile broadband, using fourth generation (4G) and Long-Term Evolution (LTE) technology. In Sweden and Denmark the Company operates under the brand name Net1 and offers 4G wireless broadband and Voice over Internet Protocol (VoIP) services. The Company focuses its coverage on rural areas.
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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