Elektroimportøren (Hold, TP: NOK10.00) - Cost control helps earnings b...

Q1 earnings beat our forecast, as weaker revenues were offset by strong cost control. While the company has seen some signs of improvement QTD, the market remains challenging, with low consumer confidence and slow housing and EV markets. We reiterate our HOLD and NOK10 target price.

Elektroimportøren (Hold, TP: NOK10.00) - Q1 EBITDA above on lower cost...

We consider this a slightly positive report for Elektroimportøren, with EBITDA above expectations despite slightly weaker revenues and a cautiously optimistic outlook. We expect consensus 2024e adj. EBITDA up 5% on the back of the report and believe a slightly positive share price reaction is warranted.

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.

Elektroimportøren (No_rec, TP: NOK) - Recommendation and target price ...

Given DNB Markets’ role as Sole Global Coordinator and Bookrunner in the recent private placement of shares in Elektroimportøren ASA, we have withdrawn our target price and recommendation.

Elektroimportøren (Buy, TP: NOK18.00) - Profit warning and risk of cov...

Elektroimportøren has issued a profit warning stating it is at risk of breaching its NIBD/EBITDA covenant in Q1 2024 as the market has been weaker than expected since December. The company has initiated a dialogue with its bank to obtain a waiver or to refinance the existing facilities. We believe a negative share price reaction in the range of 10–20% is warranted, as we believe the risk of a new equity raise has increased if the company fails to reach an agreement with its bank.

Elektroimportøren (Buy, TP: NOK18.00) - Early signs of improvement

We are positive ahead of the Q4 results, expecting EBITDA slightly above consensus, with early signals that the company is making progress on improving the performance of its Swedish store and that EV sales have started to recover. We still find the valuation attractive, and reiterate our BUY and NOK18 target price.

Elektroimportøren (Buy, TP: NOK18.00) - EVolution

While Q3 EBITDA disappointed, the underlying revenue trend in Norway (excluding EV chargers) and early signs of an improvement in Sweden (albeit from a low base) are encouraging. We reiterate our BUY and NOK18 target price.

Elektroimportøren (Buy, TP: NOK18.00) - Q3 mixed

We consider this a mixed report for Elektroimportøren, including figures slightly below expectations, but with an improved revenue trend. We expect no significant changes to consensus 2023e EBITDA on the report and believe a neutral share price reaction is warranted.

Elektroimportøren (Buy, TP: NOK18.00) - Taking the edge off the darkne...

Elektroimportøren’s share price is down c70% YTD as earnings have been hurt by a weak consumer backdrop, low EV charger sales, and a rough start to strategic initiatives such as the new Swedish stores and heating pumps. Although the consumer backdrop is set to remain challenging, we believe a bleak outlook is reflected in the share price and find the valuation attractive. We have upgraded to BUY (HOLD), and reiterate our NOK18 target price.

Elektroimportøren (Hold, TP: NOK18.00) - Facing multiple challenges

A tough market outlook, a significant drop in EV charger sales, soft Namron sales and margins, and a slow start for the Sweden expansion have challenged the profitability of Elektroimportøren’s business model. Although we find the company’s market valuation low, near-term multiples are high and we struggle to identify a rerating catalyst. We reinstate a recommendation with a HOLD and NOK18 target price.

Northern Lights

Elektroimportøren (No_rec, TP: NOK) - Recommendation and target price ...

Given DNB Markets’ role as Sole Global Coordinator and Bookrunner in the recent Private Placement and Manager in the contemplated subsequent offering of shares in Elektroimportøren ASA, we have withdrawn our target price and recommendation.

Elektroimportøren (Hold, TP: NOK36.00) - Unlikely to be Easee

Elektroimportøren reported weak Q1 results and painted a cautious near-term outlook as consumer spending is under pressure and the company is struggling to shift volumes to new EV chargers following the Easee ban. We reiterate our HOLD but have lowered our target price to NOK36 (41) after cutting our 2023–2025e EBITDA.

Elektroimportøren (Hold, TP: NOK41.00) - Weak Q1 and cautious outlook

We consider this a weak report for Elektroimportøren, including results below expectations, a cautious outlook, and a need for cost-cutting to protect profitability. We expect consensus 2023e EBITDA to fall 10% and believe a negative share price reaction is warranted.

Northern Lights

Elektroimportøren (Hold, TP: NOK41.00) - Charging

We are lukewarm ahead of Elektroimportøren’s Q1 results, expecting figures below consensus, reflecting a challenging market and a gross margin under pressure. We reiterate our HOLD but have lowered our target price to NOK41 (45), reflecting the recent market revaluation and slight negative estimate revisions.

Northern Lights

Northern Lights

Elektroimportøren (Hold, TP: NOK45.00) - Modest growth amid uncertaint...

The Q4 results fell short of our expectations due to a lower than expected gross margin. The company indicated solid long-term growth potential, but expects near-term growth to be modest, reflecting a challenging consumer backdrop. We reiterate our HOLD and NOK45 target price despite negative estimate revisions.

Elektroimportøren (Hold, TP: NOK45.00) - Q4 below expectations

We consider this a negative report, including figures below expectations due to lower gross margins. We expect 5% negative revisions to consensus 2023 EBITDA on the back of the report and believe a 5% negative share price reaction is warranted.