Smartoptics (Buy, TP: NOK19.00) - Backlog set to build up
A natural focus in the Q4 report should be the company’s management of the supply-chain shortage. Beyond this, the main focal point should be underlying business traction and the outlook for 2022e. Our updated forecasts factor in further improvements in optical routing demand for 5G backhaul and substantial extra spot-market costs. The latter are set to be more than offset by a beneficial effect from FX, according to our calculations. We reiterate our BUY and have raised our target price to NOK19 (18.4).
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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