Otovo (Buy, TP: NOK21.00) - Italian headwinds
We have lowered our 2023e installations by 7% and EBITDA by 14% on the proposed changes to the Italian tax credit scheme for residential solar, but forecast a limited negative effect from the country beyond this. We reinstate our BUY and NOK21 target price, representing a 35% discount to our SOTP of NOK32/share and believe the stock should trade at a discount to our SOTP until the situation in Italy normalises and we see a firmer pathway towards a portfolio monetisation.
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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