Komplett (Buy, TP: NOK17.00) - Green shoots
The Q4 results were above expectations, driven by a promising gross-margin trend despite a still-challenging market outlook. We reiterate our BUY and NOK17 target price as our trimmed estimates are offset by the recent market revaluation.
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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