DnB Markets - Otovo (OTOVO) Otovo (No_rec, TP: NOK) - Recommendation and target price withdrawn

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DnB Markets

Helene Kvilhaug Brøndbo

EUR 88.04 For Business Accounts Only

Otovo (No_rec, TP: NOK) - Recommendation and target price withdrawn

Given DNB Markets’ role as joint financial adviser related to the potential equity raise in Otovo ASA, we have withdrawn our recommendation, target price and estimates.

26/10/2023 1 EN

Underlying

Otovo

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Provider

DnB Markets

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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Analysts

Helene Kvilhaug Brøndbo

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DnB Markets

Otovo Minor model adjustments

We have updated our estimates ahead of the Q2 results due at 07:00 CET on 20 August to reflect somewhat lower installations in the quarter. We do not consider these changes to be material. We forecast Q2 EBITDA of NOK-87m, 3% above consensus of NOK-90m, reflecting 1.7k installations in the quarter and a reduction in opex from the company’s cost-cutting programme. We continue to have no recommendation or target price on Otovo.

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August 19, 2024 August 19, 2024 1 EN

DnB Markets

Otovo (No_rec, TP: NOK) - Clouds still on the horizon

Needing to increase its activity meaningfully to cut its cash burn, soft order intake in Q1 leaves us concerned. With market prospects remaining weak, we consider one of the three following outcomes as likely: 1) a full take-over by the majority owners to restructure the company; 2) a sale to an industrial company; or 3) the stock remaining listed and existing owners carrying out a rights issue, resetting the equity value. With high uncertainty and a broad set of potential outcomes for the current equity, we have withdrawn our target price and recommendation.

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May 6, 2024 May 6, 2024 1 EN

DnB Markets

Otovo (Hold, TP: NOK2.60) - Needs to rebuild investor trust

With order intake on the soft side in Q4, we have lowered our installation forecasts for 2024–2025 by 27–11%, but expect this to be largely offset by guided opex reductions being higher than expected. With significant concerns about Otovo’s business model in the capital markets, we believe the company needs to rebuild investor confidence and start to achieve its targets by scaling up its platform and improving profitability to see any re-rating of the stock. We reiterate our HOLD and NOK2.6 target price.

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February 9, 2024 February 9, 2024 1 EN

Airthings (No_rec, TP: NOK) - Recommendation and target price withdrawn

As a result of DNB Markets acting as financial advisor in conjunction with the company’s announcement (link) of a strategic review prompted by a non-binding letter of intent from Firda AS to explore a potential sale of its business segment assets, we have withdrawn our target price and recommendation.

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May 9, 2025 May 9, 2025 1 EN

Håkon Astrup

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SpareBank 1 Helgeland (Hold, TP: NOK167.00) - Softer margin, but lower costs

Helped by still-solid core revenues, cost reduction YOY and moderate loan losses, HELG reported a Q1 ROE of 12.3%, despite some margin pressure. With solid earnings generation, the bank increased its CET1 ratio by ~20bp to 18.0% and still guides for a 0.8%-point benefit from the implementation of Basel IV, boding well for meaningful distributions. We have lowered our 2026–2027e EPS by 0–1%, That said, we reiterate our target price of NOK167. With the stock trading at a 2026e P/E of ~12.4x, we continue to find the valuation fair and reiterate our HOLD.

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May 9, 2025 May 9, 2025 1 EN

Christoffer Wang Bjørnsen

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Smartoptics (Buy, TP: NOK27.00) - We remain optimistic

Smartoptics’ Q1 results marked a slower start to the year than we forecast, primarily owing to weaker sales in Devices, which seems to be back to near-term tariff-induced uncertainty. On the flip side, we understand the slowdown seen towards end-Q1 has already caught up again in order inflow, and thus we remain upbeat for the quarters ahead. Following an estimate reduction, we have lowered our target price to NOK27 (30) but reiterate our BUY.

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May 9, 2025 May 9, 2025 1 EN

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Otovo (No_rec, TP: NOK) - Recommendation and target price withdrawn

Otovo Minor model adjustments

Otovo (No_rec, TP: NOK) - Clouds still on the horizon

Otovo (Hold, TP: NOK2.60) - Needs to rebuild investor trust

Airthings (No_rec, TP: NOK) - Recommendation and target price withdrawn

SpareBank 1 Helgeland (Hold, TP: NOK167.00) - Softer margin, but lower costs

Smartoptics (Buy, TP: NOK27.00) - We remain optimistic

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