NRC Group (Buy, TP: NOK73.00) - Tail-end of headwinds in Sweden
We have cut our Q2 forecasts to better reflect NRC’s low order intake in Sweden in Q4 2018 as infrastructure funding dried up post the 2018 general election when the parties struggled to form a government and therefore pass a budget. While order intake has rallied after the budget was finally approved, we expect low Q2 production due to long project lead times. We reiterate our BUY, but have trimmed our target price to SEK73 (75) on lower 2019 forecasts. The Q2 are results due at 07:00 CET on 20 August.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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