Smartoptics (Buy, TP: NOK36.00) - Long-term view reinforced
Q1 was the quarter when the higher operating investment plans were executed, even more meaningfully than we had expected. Still, we find the overall Smartoptics investment case fundamentally reinforced by this report, in terms of risk profile and long-term strength, even though we have lowered our 2023–2025e EBITDA 8%, 6% and 3%, respectively. Following a change of analyst, we have raised our target price to NOK36 (35) and 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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