NRC Group (Buy, TP: NOK14.00) - Clean slate
NRC issued a Q2 and 2024 profit warning; about half a year into the new CEO’s tenure, it has decided to write down some old projects, reducing uncertainty, and seeks to ensure a prudent accounting regime. NRC remains a high-risk turnaround case, in our view, but in the event of a successful turnaround, we see ample upside potential. While NRC looks set for more weak results, we reiterate our BUY on the low valuation, but have cut our target price to NOK14 (15) and continue to highlight the high risk.NRC Group collects, processes and sells map data. Co. provides services to the Norwegian market, but focuses mainly on projects abroad. Co.'s geo server, BlomURBEX®, enables online distribution of Co.'s products and databases to its customers. The content of BlomURBEX® consists of Co.'s oblique aerial images, TerraItaly® database and 3D city models. Co.'s operations are divided into two main business areas: Blom Geo Engineering Services, which collects and produces geographic information; and Blom Information Services, which provides geographic information as standardized services or through applications adapted to various uses and platforms.
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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