Komplett (Hold, TP: NOK10.00) - Still no signs of market recovery
The Q4 report was weak, with figures significantly below expectations and a cautious near-term outlook. We have downgraded the stock to HOLD and cut our target price to NOK10 (12) on negative estimate revisions. We see the CMD scheduled for 29 February as key to creating a credible roadmap for revenue growth and increased profitability.
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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