NCAB (Buy, TP: SEK80.00) - Caught off-guard, but still on track
Q2 net sales were 12% below consensus and EBITA 4% below. We believe lower PCB prices and a slower market explained the miss, and that a negative order trend QOQ paired with a cautious outlook drove a negative share-price reaction. However, margins were strong, and EBITA rose 5% YOY despite sales falling YOY. We reiterate our BUY but have cut our target price to SEK80 (90).
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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