Physitrack (Buy, TP: SEK34.00) - At the profitability trough
We see Physitrack’s Q1 results as a step in the right direction but believe management will have to continue to demonstrate that it can balance its high growth ambitions with a trough in EBITDA margins and cash flows over the coming quarters to ease investor concerns about funding. We reiterate our BUY but have cut our target price to SEK34 (40), as we see fundamental upside potential in the stock, although we acknowledge that the limited liquidity caps the potential investor base at this stage.
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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