Smartoptics (Buy, TP: NOK26.00) - At an inflection point
We find networking challenger Smartoptics excellently positioned to benefit from an ongoing paradigm shift in the industry that we believe constitutes a key inflection point for the company’s growth. The IP and optical layers of broadband networks are set to collapse into a single converged architecture (IP over DWDM) in the coming years, which is already leading to significant interest in Smartoptics’ products. We consider our medium- to long-term forecasts increasingly de-risked and have raised our target price to NOK26 (25) and our 2022e EPS by 16%, with positive tweaks to future periods. We reiterate our BUY.
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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