Vimian (Buy, TP: SEK43.00) - Change of CEO brings uncertainty
We are c6% below consensus on Q2e adj. EBITA but c2% above for the full year (the Q2 results are due at 07:45 CET on 17 August). News the CEO is stepping down has brought uncertainty, we believe. In addition, we would like an update on the indemnification regarding the US IP settlement this spring. However, we reiterate our BUY and SEK43 target price.
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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