Smartoptics (Buy, TP: NOK21.00) - Q3 a relief, but tough comparables set to continue weighing on growth
While Smartoptics’ Q3 results were below our estimates, we found the decent underlying growth in the broad customer base and cost discipline a source of relief given the challenging macroeconomic backdrop. There will probably be at least one more quarter with tough comparables weighing on growth before metrics start to improve. We reiterate our BUY but have lowered our 2023-2025 estimates and our target price to NOK21.
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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