reports
- Ole Martin Westgaard
Elektroimportøren (Hold, TP: NOK10.00) - Market headwinds set to conti...
Elektroimportøren’s balance sheet has been strengthened following the recent private placement, and the structural growth trends remain, but we expect market headwinds to continue hurting the company near-term. We reinstate a recommendation with a HOLD and NOK10 target price.
- Ole Martin Westgaard
Elmera Group (Sell, TP: NOK21.00) - Watts up
We expect the Q1 results to be in line with consensus, reflecting improvements in Nordic and New Growth Initiatives (NGI), while we expect Consumer and Business to be flat YOY. While Elmera Group’s results seem to have stabilised and the risk of significant churn has been reduced, we continue to find the valuation stretched. We reiterate our SELL, but have raised our target price to NOK21 (20) on positive estimate revisions.
- Ole Martin Westgaard
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK20.00) - March traffic statistics
We consider this a slightly positive report for Norwegian Air Shuttle, including strong figures for Norwegian Air, slightly weak figures from Widerøe, and a cautious outlook for April. We expect 1–2% positive revisions to consensus 2024e EBITDA and believe a slightly positive share price reaction is warranted.
- Ole Martin Westgaard
- Ole Martin Westgaard
Schibsted (Hold, TP: NOK320.00) - Cautious distribution
Schibsted has announced a final agreement for the sale of News Media to the Tinius Trust and an intention to return NOK24bn to shareholders. We find the proposed distribution slightly on the low side as it will leave Schibsted debt free. Furthermore, we continue to find the proposed selling price for News Media low.
- Ole Martin Westgaard
- Ole Martin Westgaard
Europris (Buy, TP: NOK85.00) - Entering Sweden at unique price
Europris announced yesterday after the close that it has signed an agreement to acquire the remaining 80% of Runsvengruppen. While Europris announced in January that it would exercise the option, we find it positive that the two parties have come to a final agreement, enabling Europris to enter Sweden at what we believe is a highly attractive multiple.
- Ole Martin Westgaard
Komplett (Hold, TP: NOK12.00) - Short term pain, long-term gain
We are cautious ahead of the Q1 results (due at 07:00 CET on 24 April), forecasting adj. EBIT well below consensus on lower revenues and margins, as we expect the near-term weak market conditions to overshadow the long-term strategic initiatives to increase profitability. We have downgraded to HOLD (BUY) and cut our target price to NOK12 (14) on our reduced estimates.
- Ole Martin Westgaard
- Ole Martin Westgaard
Sats (Buy, TP: NOK21.00) - Yields trump membership growth
Despite being marginally below consensus for Q1e, we are positive ahead of the report as we believe it should provide yet more evidence that SATS is on track to deliver on its medium-term targets to improve profitability. We reiterate our BUY and NOK21 target price, having made slight positive estimate revisions, as we continue to find the valuation attractive.
- Ole Martin Westgaard
- Ole Martin Westgaard
Europris (Buy, TP: NOK85.00) - Waiting for gross margin recovery
We are in line with consensus for Q1, as we expect a slight gross margin recovery YOY to be offset by higher opex-to-sales. We reiterate our BUY and NOK85 target price as we still find the valuation attractive and believe Europris should continue to outperform versus the market in a tough retail environment.
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK20.00) - February traffic statistic...
We consider this a positive report for Norwegian Air Shuttle, with load and yield above expectations and positive outlook comments. We expect 1–2% positive revisions to consensus 2024e BITDA and believe a slight positive share price reaction is warranted.
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK20.00) - February traffic statistic...
Norwegian Air Shuttle is due to report its February traffic statistics at 08:00 CET on 6 March. We are positive ahead of the report, expecting a continued strong yield trend YOY and a flat load factor MOM. We reiterate our BUY and NOK20 target price.
- Ole Martin Westgaard
Komplett (Buy, TP: NOK14.00) - Roadmap to restore profitability
Komplett’s 2026–2028 financial targets were above consensus, with most of the improvement expected from strategic initiatives. While the market looks to remain challenging near-term, we forecast margin expansion going forward, helped by sourcing synergies, positive mix effects and operating leverage. We have upgraded to BUY (HOLD) and raised our target price to NOK14 (10), reflecting positive estimate revisions.
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK20.00) - Flying high
The Q4 results were strong, in line with the positive profit warning, and the 2024 EBIT guidance was significantly above consensus, in our view reflecting strong demand. We reiterate our BUY and have raised our target price to NOK20 (17), supported by positive estimate revisions.
- Ole Martin Westgaard
- Ole Martin Westgaard
Elmera Group (Sell, TP: NOK20.00) - Consumer and guidance miss
Slightly soft Q4 results included adj. EBIT below our estimate and higher 2024–2025 cost guidance than expected. We reiterate our SELL, but, despite lowering our 2024–2025e EPS by 2.6–1.4%, we have raised our target price to NOK20 (16), as we have rolled forward our valuation multiples to 2025e.
- Ole Martin Westgaard
Elmera Group (Sell, TP: NOK16.00) - Mixed report
We consider this a mixed report for Elmera Group, including Q4 adj. EBIT slightly below expectations, DPS above, and 2024–2025 cost guidance slightly above our forecast. We expect 1–3% negative revisions to consensus 2024e adj. EBIT on the report and believe a slightly negative share price reaction is warranted.
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