Q2 hurt by software, better from Q4

11% miss in Q2, but reiterates FY outlook

Defence to drive Q2 beat

Weak GP growth of 3% drove 27% miss

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

Perfect storm in Q4 - likely better in 2025

Crayon (Hold, TP: NOK112.00) - Seeing more balanced risk/reward

We find the valuation less demanding, even with the uncertainty over how much of the Q4 gross profit headwinds will persist in Q1 and whether Crayon might be approaching a 2017- or 2018-type of year. Moreover, combined with the upside prospects of a potential take-out by SoftwareONE as early as June, we see a more balanced risk/reward. Thus, we have raised our target price to NOK112 (90) and upgraded to HOLD (SELL).

Soft growth, good on costs and WC

Weak Q4 margin shouldn't be extrapolated

EBIT miss on lower GM

IT Norway Q4e: growth at reasonable prices

Good cost control to continue into Q4

Expect strong EBIT growth in 2025

SoftwareOne close to bid for Crayon

Post-Q3 drop gives buying opportunity in Link and Pexip