Pandox (Buy, TP: SEK165.00) - Still delivering, Q4 in line
Pandox’s Q4 profit from operations was in line with our forecast, albeit with some deviations at divisional level due to reclassification effects, but the proposed DPS was lower than expected. We have raised our funding cost forecasts on rising market interest rates in Q1, and see negative FX effects and have made minor result adjustments. We have cut our target price to SEK165 (170), but given the continued attractive FFO and stable growth outlook we keep our BUY 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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