Meltwater (Buy, TP: NOK76.00) - Growth comes with costs
Meltwater yesterday published its Q3 results with headline figures (adjusted for one-offs) mostly in line with our forecasts and consensus (Q3 ARR pre-announced in October). Updated guidance for somewhat lower profitability in 2021 than we expected could be seen as a negative by the market, but we see the prioritising of growth near-term as a clear positive. We reiterate our BUY and NOK76 target price, and expect Friday’s CMD to be a share price catalyst.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.