PatientSky Group (Hold, TP: NOK2.20) - Under observation
Q2 revenues were in line with our estimate, while underlying operating profit was lower on higher than expected opex and investments. We continue to expect cost reductions to drive increased profitability, but at a slower pace than previously forecast. As such, we reiterate our HOLD, but have lowered our target price to NOK2.2 (2.8).
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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