NRC Group (Hold, TP: NOK17.00) - Heading in right direction, but no hard evidence yet
As expected, NRC’s Q2 bottom line was around zero, and it maintained its full-year guidance. Management commented on the webcast that operations are going in the right direction, and reiterated its long-term targets. However, NRC remains a turnaround case, and in our view EBITA margins are key to this, but we believe with three profit warnings in the past three years, the next potential share price catalyst hinges on proof of higher margins. We reiterate our HOLD and NOK17 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.
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