NRC Group (No_rec, TP: NOK) - Updated strategy and Q4 results
As promised when he took the role in mid-2019, the new CEO provided a strategy update with the Q4 results. The key highlight was an ambition to become a NOK10bn revenue company in 2024, with an EBITA margin of 7%. However, following Q4 project losses, NRC guided flat revenue of NOK6.2bn in 2020, but an improvement in the EBITA margin YOY (adjusted for write-downs; 2.8% in 2019). Given DNB Markets’ role in the recent private placement and its role in the upcoming subsequent offering, we have withdrawn our recommendation, target price and estimates on NRC.NRC Group collects, processes and sells map data.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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