Solid Q2, short-term overreaction
Q2 revenues and margins beat our estimates and consensus. We have raised our 2017–2019e EPS by c3% following the report. Moving deeper into the low season we expect greater focus on margin sustainability, slowing price/mix growth, and the fading FX tailwind weighing on the shares. We reiterate our SELL recommendation but have raised our target price to SEK308 (276).
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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