PatientSky Group (Buy, TP: NOK2.20) - Inflection point
While our recent proprietary EMR survey of general practitioners in Norway suggests continued elevated churn for PatientSky’s on-premises solutions, we see material improvement as the company is seemingly mitigating some of the churn risk by migrating clinics to its cloud-based solutions. Based on this, we have lowered our churn estimates for 2023–2025, leading to slightly higher revenue forecasts. With this backdrop and the recent share price pressure, we have upgraded to BUY (HOLD), while we keep our NOK2.2 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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