Apes to the rescue
Q3 revenue growth in line with that of H1 and continued margin expansion triggered what we view as a justified relief rally in the shares. We acknowledge the growth slowdown since end-2016, but find the growth prospects – coupled with more proof of an efficient business model – attractive enough to keep our BUY recommendation. We have raised our 2018e EPS by 5% and our target price to SEK90 (85).
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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