Smartoptics (Buy, TP: NOK26.00) - Expected to be on track in Q3
We have slightly raised our 2022–2025e EPS estimates due to the strengthening of the USD, balanced by a slightly lowered top-line forecast. The FX effect on opex is significantly accretive to the operating margin, and we have factored in only light macroeconomic headwinds due to our view of Smartoptics as relatively resilient. We expect 22% YOY revenue growth and an 18% EBITDA margin for Q3 and a reiterated outlook. We reiterate our NOK26 target price and 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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