PatientSky Group - Initiation of coverage - Patience needed
As PatientSky Group has already gained a leading position in the Norwegian electronic medical records (EMR) market, we expect limited new clinic intake and elevated churn to drive slightly negative revenue growth near-term. However, since we also see upside potential from a possible divestment of its Norwegian software business, as well as new international platform contracts, we initiate coverage with a HOLD and NOK2.8 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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