Komplett (Buy, TP: NOK60.00) - Fighting a challenging market
We reiterate our BUY but have lowered our target price to NOK60 (78) after cutting our 2022–2023e adj. EBIT by c24% following the weak Q1 and soft near-term outlook. We believe closing the targeted NOK1.5bn equity issue near-term would highlight Komplett’s attractive valuation, with the leading online electronics retailer in the Nordics trading at a 2024e P/E of 8x.
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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