Komplett (Buy, TP: NOK17.00) - Weak Q4e, but above consensus
We forecast a weak Q4, but not as weak as consensus (results due at 09:00 CET on 9 February). The market outlook remains challenging, but any signs of normalisation should be a positive trigger. We reiterate our BUY but have lowered our target price to NOK17 (18) on negative net profit 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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