Komplett (Buy, TP: NOK28.00) - Soft Q3 expected
We are cautious ahead of the Q3 results (due at 07.00 CET on 25 October) expecting a continuation of the weak trends seen over the past few quarters. We reiterate our BUY as we continue to find the valuation attractive, with the stock trading at a 2024e P/E of 4.5x, but have cut our target price to NOK28 (30) on our 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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