Meltwater (Buy, TP: NOK45.00) - Q1 beat, 2022 guidance maintained
Meltwater reported a solid Q1, with revenues and adj. EBITDA beating our forecasts and consensus. In terms of the outlook, the Q2 sales guidance was a tad below our estimate, while the 2022 guidance was reiterated. We have made limited estimate changes on the back of the report and see it as another data point supporting our case. We reiterate our BUY and NOK45 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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