Otovo (Buy, TP: NOK41.00) - Lease monetisation approaching
Solid fundamentals for residential solar and strong momentum in the subscription business lead us to believe that Otovo might take the first steps to monetise its subscription portfolio this year. We believe this could be a share-price catalyst as it would crystalise the value of Otovo’s leasing portfolio and enhance liquidity. To be sufficiently funded until that time, the company is dependent upon a favourable outcome of the ongoing refinancing. We reiterate our BUY but have lowered our target price to NOK41 (43) to account for a potential capital need with the rapid increase in leases.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.