Komplett (Buy, TP: NOK78.00) - Weak Q1
We consider this a weak report for Komplett, with figures below expectations and a soft near-term outlook for B2C. We expect consensus 2022e adj. EBIT, excluding NetOnNet, to come down 5–10% on the back of the report. While the stock was weak into the report, we would expect a negative share price reaction.
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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