Komplett (Buy, TP: NOK78.00) - Acquisition offsets weak Q4
Komplett’s Q4 results, which were soft amid weaker sales in B2C, were overshadowed by the NOK3.8bn acquisition of NetOnNet. We like the strategic rationale and view the acquisition price as fair. We reiterate our BUY, but have lowered our target price to NOK78 (87), reflecting estimate reductions on the weak Q4 report and soft sales trend in B2C.
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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