Awaiting capacity resolution
Medistim’s Q2 results were below estimates, with EPS of NOK0.54 (we forecast NOK0.78, consensus NOK0.77). Backlog issues from late 2016 continued to hamper the operations. We have cut our 2018–2019e EPS by 1–2% and our target price to NOK74 (NOK79), but we reiterate our HOLD recommendation.
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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