Solid Q2 results
H1 operating EBIT was GBP19.2m, implying Q2 EBIT was 21% above our estimate and 39% above consensus. We have raised our 2017–2019e EPS by 4.5–0.8% following the strong H1 and slightly better cost guidance. We maintain our BUY recommendation and have raised our target price to NOK13 (NOK12).
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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