KID (Buy, TP: NOK165.00) - Geared up for busy Q4
The Q3 results fell short of expectations due to higher costs, largely related to timing. We have lowered our target price to NOK165 (180) on reduced estimates, but reiterate our BUY. We continue to find the valuation attractive, with the stock trading in line with Nordic retail peers despite its superior growth prospects.
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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