Rusta Minor model adjustments
We have updated our estimates, owing to a still-weak market in Finland and Germany, while we are optimistic about the Swedish market. We have also updated our model for increased investments in price (affecting gross margin) and negative currency effects. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our SEK88 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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