Komplett (Buy, TP: NOK45.00) - Sailing in rough waters
We expect Komplett to report a weak Q2, hurt by tough comparables given a reversal of the positive pandemic effects seen last year, increased competition from physical stores, and a shift in discretionary consumption towards services resulting in elevated industry inventories with pressure on gross margins. We reiterate our BUY, but have cut our target price to NOK45 (60) to reflect our reduced underlying estimates, masked by the acquisition of NetOnNet.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.