Nordic Semiconductor (Buy, TP: NOK59.00) - BUY on short-term headwinds
While we have significantly cut our estimates for 2018–2020 after last week’s profit warning, we are confident in Nordic Semiconductor’s medium- to longer-term prospects and believe investors should look beyond extraordinary macroeconomic events when valuing its shares. In addition to the Apple design, our review of BLE designs for November showed the company expanding its market share to 51% (October: 40%), demonstrating a still-solid competitive positioning. We reiterate our BUY recommendation, while we have cut our target price to NOK59 (NOK69).Nordic Semiconductor is a fabless semiconductor company which designs, sells and delivers integrated circuits and related intellectual property for use in short-range wireless applications. Co. is engaged in ultra-low power wireless solutions, based on its proprietary 2.4 Gigahertz Radio Frequency and Bluetooth Smart technology. Co.'s components are manufactured by subcontractors and sold through electronics distributors to manufacturers of branded electronics across a range of product categories. These categories include personal computer and tablet accessories, sports/health monitors, mobile phone accessories, media remote controls, home and industrial automation, and other applications.
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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