We expect Ice Group’s Q1 report to show a transformational shift in operating margins, which many investors should appreciate as a positive milestone. We reiterate our BUY and NOK24 target price.
We have lowered our 2021–2023 forecasts post-Q4, but see improved financial flexibility as a likely outcome of the refinancing process. While we have also lowered our target price to NOK24 (26), we reiterate our BUY.