KID (Buy, TP: NOK180.00) - Weak Q3
We consider this a weak report, with figures below expectations primarily on higher costs, weak cash flow due to a significant inventory build, a DPS below expectations and no material change in outlook. We expect a 5% negative revision to consensus 2024 EBIT and believe a 5–10% 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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