Otello (Buy, TP: NOK48.00) - AdColony proceeds not reflected
While Otello’s share price has re-rated somewhat following the announced agreement to sell AdColony to Digital Turbine, in our view the market has yet to fully reflect the underlying value of Otello’s holdings or the implications of the proceeds to be raised from the sale. Following the AdColony trading update, we have raised our estimates and lifted our target price to NOK48 (40) to reflect the bid. We reiterate our BUY.Opera Software is a provider of cloud-based consumer products and services. Co.'s Mobile Operators provides four principal cloud-based solutions and services to operators worldwide. Co.'s Mobile Consumers provides Opera Mini and Opera.com to its users. Co.'s Mobile Publishers and Advertisers provide the Opera Mediaworks brand and the Opera Mediaworks Response brand. Co.'s Desktop Consumers provides its users with a browsing experience, and Co.'s Device Original Equipment Manufactures allow device manufacturers to provide web browsing capabilities and internet access to their operator and consumer end customers.
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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