Pandox (Buy, TP: SEK162.00) - We still see upside potential
EBIT was slightly below consensus as admin and Operator activities were below forecasts, and the Easter effect was higher than expected and led to higher costs than we expected. With the Q1 miss and weakened SEK, we have cut our LFL forecasts. While we have lowered our funding cost estimates due to market interest rates, we have also reduced our target price to SEK162 (165) to reflect our revised forecasts. We repeat 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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