Komplett (Hold, TP: NOK17.00) - Gross margins turning
We expect Komplett to report a weak Q1, reflecting a still-challenging market and cautious outlook comments. We believe a key focus in the report to be on the new management team’s perspective on the crystallisation of the targeted cNOK200m of synergies and the balance sheet, as Komplett is close to breaching NIBD to EBITDA covenants. We have downgraded to HOLD (BUY) as the stock is trading at our NOK17 target price.
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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