Komplett (Hold, TP: NOK12.00) - Short term pain, long-term gain
We are cautious ahead of the Q1 results (due at 07:00 CET on 24 April), forecasting adj. EBIT well below consensus on lower revenues and margins, as we expect the near-term weak market conditions to overshadow the long-term strategic initiatives to increase profitability. We have downgraded to HOLD (BUY) and cut our target price to NOK12 (14) on our reduced estimates.
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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