Komplett (Buy, TP: NOK90.00) - Revenue growth set to continue
We are slightly below consensus prior to the Q3 report (due at 07:00 CET on 27 October). We expect revenue growth in all segments despite likely sold-out situations in some categories, and higher gross margins YOY on higher prices and tailwinds from supplier contracts. We reiterate our BUY and NOK90 target price, as we continue to find the valuation attractive.
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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