Otovo - Initiation of coverage - Here comes the sun
With a reputable and highly scalable marketplace for residential solar, we believe Otovo will be fuelled by an attractive combination of: 1) supportive fundamentals arising from growth in the residential solar market; and 2) an increasing share of leases improving profitability, subject to the successful monetisation of its leasing portfolio. We initiate coverage with a BUY and NOK43 target price.
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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