KID (Buy, TP: NOK180.00) - Q3 revenues below expectations
Kid reported Q3 revenues below consensus and our estimates. Both segments missed expectations on LFL growth, but the vast majority of the shortfall was in Hemtex, which faced a challenging comparable this quarter due to the company’s 50-year anniversary last year. We expect 2% negative revisions to consensus 2024e EPS and believe a negative share price reaction is warranted.
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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