Ericsson (Buy, TP: SEK130.00) - Set to benefit from share-shift
We believe material market-share shifts away from Chinese vendors are inevitable and that a rush to secure supply capacity, building overlays and network swaps are likely. Ericsson is in a pole position to benefit from this, as per our analysis. Also benefiting from structural, cyclical and geographical gross-margin headwinds, the SEK reversal is the only offsetting factor in our view. We have increased our target price to SEK130 (125), reiterating our BUY.Ericsson provides communications technology and services. Co.'s services, software and infrastructure – especially in mobility, broadband and the cloud – enable the telecom industry and other sectors to do business, increase efficiency, improve the user experience and capture new opportunities. Co. has more than 110,000 professionals and customers in more than 180 countries. Co. provides support for networks with more than 2.5 billion subscribers. Co.'s core business areas are called Radio, Core and Transmission and Telecom Services. Co. divides its operations into three business segments: Networks, Global Services and Support Solutions.
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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