Nordic Semiconductor (Buy, TP: NOK71.00) - Bluetooth tracker down YOY
For Q3 our proprietary BLE tracker revealed that Nordic Semiconductor lost share of the number of products certified, falling 17% YOY, versus an 18% YOY rise for the market. However, in our view it is too soon to extrapolate this, as our tracker is not volume-weighted, nor reflects re-use of old certifications. As such, our estimates are mostly unchanged, and we maintain our BUY recommendation and NOK71 target price.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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