Smartoptics (Buy, TP: NOK18.40) - Breakthrough segment on a roll
As expected, the global supply-chain shortage is restricting growth short-term. However, with a 73% YOY increase in order bookings, proven traction in the newly entered 5G backhaul market, and a 43% operating profit beat versus our expectation in Q3, we have raised our 2021–2023 operating profit forecasts by 11%, 12% and 9%, respectively. We reiterate our BUY, seeing 80% upside to our raised target price of NOK18.4 (17.5).
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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