Komplett (Hold, TP: NOK14.00) - New waiver may be needed
We remain on the sidelines ahead of the Q2 results (due at 07:00 CET on 20 July), expecting earnings below consensus and a continued challenging market outlook. Furthermore, we believe a new covenant waiver could be needed. We reiterate our HOLD, but have lowered our target price to NOK14 (18) on negative estimate revisions.
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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