Sinch (Buy, TP: SEK37.00) - Another soft quarter expected
We forecast another quarter with low-single-digit organic gross profit growth, as guided for in Q2. We also see a risk that the cash flow from early payments by customers in Q2 reverses in Q3, although this should be known by the market, in our opinion. We reiterate our BUY, but have lowered our target price to SEK37 (40).
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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