NRC Group (Hold, TP: NOK75.00) - Less of the good stuff
We have cut our Q3 forecasts (results due at 07:00 on 6 November) on our assumption of a less profitable Swedish product mix with no new orders of track switches in 2018e. We have also adjusted our long-term forecasts due to higher than expected volatility in booking these lucrative orders, as well as the new share count post the Gunnar Knutsen (GK) takeover. On our reduced estimates, we have downgraded our recommendation to HOLD (BUY) and cut our target price to NOK75 (82).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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