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ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Åsne Holsen
  • Øystein Elton Lodgaard
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Herman Caspersen
  • Øystein Elton Lodgaard
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Herman Caspersen
  • Øystein Elton Lodgaard
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Herman Caspersen
  • Øystein Elton Lodgaard
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Herman Caspersen
  • Øystein Elton Lodgaard
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Herman Caspersen
  • Øystein Elton Lodgaard
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Herman Caspersen
  • Øystein Elton Lodgaard
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Herman Caspersen
  • Øystein Elton Lodgaard
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Herman Caspersen
  • Øystein Elton Lodgaard
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Herman Caspersen
  • Øystein Elton Lodgaard
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Herman Caspersen
  • Øystein Elton Lodgaard
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Herman Caspersen
  • Øystein Elton Lodgaard
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Herman Caspersen
  • Øystein Elton Lodgaard
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Herman Caspersen
  • Øystein Elton Lodgaard
ABGSC IT Research ... (+2)
  • ABGSC IT Research
  • Øystein Elton Lodgaard

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.

ABGSC IT Research ... (+2)
  • ABGSC IT Research
  • Øystein Elton Lodgaard

Q2 EBITDA likely flat y-o-y

We expect Q2 adj. EBITDA to be flat y-o-y. A split or divestments could reveal large hidden values. BUY: 60% upside to SOTP value of NOK 13/share.

ABGSC IT Research ... (+2)
  • ABGSC IT Research
  • Øystein Elton Lodgaard
Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Sikri - 10% adj. EBITDA beat

Adj. EBITDA 10% above due to higher revenues and GM 8% organic growth y-o-y (adj. for one-off sales in Q3’21) Positive share price reaction expected

Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Sikri - Sells Prognosesenteret at ~17x cash EBITDA

Divests 51% stake in non-core asset Sold for ~17x cash EBITDA vs. Sikri at 11.7x for 2023e 2023e EPS -8-10%, neutral for net debt/EBITDA

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