Komplett (Hold, TP: NOK18.00) - Mixed Q1
Komplett reported a mixed Q1 as a greater than expected recovery in gross margins was offset by higher costs. Although the market outlook remains subdued, we find the gross margin recovery driven by a healthier inventory position encouraging. We reiterate our HOLD but have raised our target price to NOK18 (17.0) on a slightly improved outlook.
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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