Meltwater (Buy, TP: NOK45.00) - Opportunity in expectations reset
We have significantly cut our estimates to reflect higher near-term investments in growth and Meltwater’s recent adoption of IFRS reporting, and have cut our target price to NOK45 (76), also driven by a derating of peer multiples. Still, we expect continued upwards trends in retention/unit economics to build investor confidence in Meltwater’s ability to drive a 20%+ gross operating margin in the medium-/long-term and, accordingly, 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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