Meltwater (Buy, TP: NOK76.00) - Favourable trends continue
While Q2 opex was higher than we expected, it was more than justified by the continued acceleration in Meltwater’s ARR growth noted in trading updates through Q3. We have raised our 2021–2023e ARR by 4–5%, but lowered our adj. EBITDA estimates to reflect likely near-term investments in growth. We reiterate our BUY and NOK76 target price.
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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