Atea (Buy, TP: NOK170.00) - Solid performance

Q1 gross profit and EBIT beat our above-consensus estimates, largely on a higher gross margin offsetting a slightly softer-than-expected top line and more opex than we expected. Furthermore, adjusted for FX losses, underlying earnings were well above our estimate and consensus. In short, we see this setting Atea up to track in line with our above-consensus estimates for 2025–2027 (which we have edged up) as well as multiples expansion. We reiterate our BUY, and have raised our target price to NO...

Growth: check, margin: check, valuation: check

4% EBIT beat, solid 2025 guidance

Atea (Buy, TP: NOK160.00) - Set up for a strong run

While we have cut our estimates, we expect improving margins on recently launched frame agreements, continued hardware refresh cycles, and a potential shift in customer preferences for IT infrastructure deployment models to contribute to a return to double-digit EBIT growth, in line with or above its historical track record. Although there is clearly risk inherent in the ongoing trade war and recent competitive dynamics, Atea’s heavy exposure to the Nordic public sector should cushion it from su...

Growth to accelerate in 2025

Norway: Best ideas Q1'25

Weak Q4 margin shouldn't be extrapolated

EBIT miss on lower GM

IT Norway Q4e: growth at reasonable prices

Expect strong EBIT growth in 2025

Post-Q3 drop gives buying opportunity in Link and Pexip

Performing in a tough market

EBIT in-line, likely a relief

2025 is likely to be a good year

Q2 miss on higher opex

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.

Consensus upgrades ahead

Windows 10 end-of-life to drive PC replacement cycle. We are 13% above consensus on '25e EBIT. BUY: 10% '24e FCF yield and cons upgrades ahead.

Strong PC replacement cycle ahead

Windows 10 end-of-life to drive strong PC replacement cycle. We are 14% above cons on '25e EBIT. Up to BUY (Hold): Low valuation and estimate upgrades ahead.

8% EBIT on beat

Atea (Buy, TP: NOK180.00) - Buy ahead of 2024e upcycle

We have made only limited estimate revisions and are below consensus on EBIT for Q4 (tough comparables and a halted frame agreement in Denmark), while we are materially above consensus on 2024–2025e EBIT, as we expect an IT estate upgrade/refresh cycle from H2 2024 to benefit Atea. Furthermore, the stock continues to trade at an unwarranted discount to peers in our view, despite having appreciated towards the end of 2023. As such, we reiterate our BUY and NOK180 target price.