NRC Group (Buy, TP: NOK16.00) - No big news expected before CMD
New CEO Anders Gustafsson said NRC would host a CMD in May 2024, so we do not envisage much news with the Q4 results (due at c07:00 CET on 27 February) while he eases into the role. Long-term, we believe Mr Gustafsson will recycle some of his strategies from his time at Svevia, but not comment before the CMD. Having lowered the 2023 guidance in Q3, we do not expect the Q4 results to surprise. NRC remains a high-risk EBIT margin recovery case in our view, but with new bond financing in place, we see a positive risk/reward. We reiterate our BUY and NOK16 target price.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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.