Meltwater (Buy, TP: NOK76.00) - Slightly ahead of schedule
Yesterday after close, Meltwater reported a Q4 top line and adj. EBITDA above our expectations, on a continued shift in business mix towards Premium Clients and the Social media segment, in line with the strategic direction set out with its IPO. We have inched up our top-line and EBITDA forecasts, and raised our target price to NOK76 (75). We reiterate our BUY.
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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