Otovo (No_rec, TP: NOK) - Approaching fully funded
Having raised NOK250m in equity and refinanced its subscription debt facility at a higher LTV, Otovo’s liquidity runway has been extended to Q2 2024, on our estimates. We consider this the first step in a process that, along with a planned monetisation of the subscription portfolio, should leave the company fully funded. Given DNB Markets’ role as Sole Bookrunner in the recent private placement and Manager in the contemplated subsequent offering, we have withdrawn our target price and recommendation.
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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