Sinch (Buy, TP: SEK195.00) - Organic growth should turn in Q1
Despite a decent report, the shares suffered a sharp decline (down 23% on the day). We believe the cause is probably the weaker organic gross profit growth trend, but we believe this was reflected in consensus as well as the share price, as the stock had already declined 40% after the weak Q3 report. We reiterate our BUY, but have cut our target price to SEK195 (215).
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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