Post-Q3 drop gives buying opportunity in Link and Pexip

A second chance

3% miss, but partially temporary effects

The quality compounder

Bolt-on to lift '25e EBITDA by 3%

Norway: Best ideas Q3'24

De-risked bond ahead of anticipated refinancing

A forgotten M&A compounder

Q2 beat, strong growth in new contract wins

Norway: Rebound to continue

Positive or neutral estimate revisions for most companies. Best risk/reward over Q2 in Crayon, Link, NOD. Top picks: Atea, Crayon, Link, Pexip.

Compounder at 8-9% FCF yield

We lift '24e-'26e EBITA by 5-8%. Compounder growing ~10% organically + accretive M&A. BUY: Quality company at 8-9% '24e-'26e FCF yields.

M&A is back

Another solid report, '25e-'26e adj. EBITDA up 2%. Stable business with ~10% org. growth + accretive M&A. BUY: Quality company at 8-10% '24e-'26e FCF yields.

Beating expectations again

Quality still at a discount

We lift '24-'25e EBITA by 5% and '26e by 12%. Stable, low-risk business with 5-10% org. growth. BUY: Quality company at 8-9% '24e-'25e FCF yield. TP up to NOK 30 (26).

Link Mobility - Close to a bottom

Likely two more tough quarters ahead Cost cuts, easy comps and strong USD point to better ‘23e BUY: 10.3x 2022e cash P/E and 9.3% FCF yield

Link Mobility - A good quarter for its creditors

Solid adj. EBITDA vs. expectations Reiterates FY ’22 guidance from Q2 Not enough for bonds to rally

Link Mobility - 7% adj. EBITDA beat on lower costs

Adj. EBITDA +7% vs. cons, 4% org. GP growth y-o-y Beat due to lower cost base (minor effect of cost cuts yet) Cons likely to lift ’22-23e adj. EBITDA by 1-3%

Link Mobility - Waiting for operational improvements

We are 3% below cons. on Q3 adj. EBITDA Cost cuts and a strong USD point to better 2023e BUY: Depressed valuation, but company needs to deliver

Link Mobility - Cost savings slightly higher than expected

Shifting focus back from CPaaS to SMS Cost cut program: cash savings of NOK ~90m Cons likely to increase 2023e adj. EBITDA by 2-3%

Link Mobility - Weak report with neg. revisions on outlook

Soft Q2 performance vs. market expectations Cutting opex and capex and revises outlook Spreads should widen on higher uncertainty