Not what we were hoping for

Weak Q1e: Clean EBIT of NOK -22m vs. cons. NOK +30m. Sweden challenging, limited GM improvement y-o-y. '24 EBIT down 18%, but Komplett ready when market turns.

CMD targets imply massive upside to estimates

Recovery playing hard to get

Below driven by slower recovery

Online at a discount

Q4: We are ~3% ahead on clean EBIT. Market challenging, competitors struggling, but signs of improvement. Balance sheet more robust: BUY, TP NOK 19.

Norway: Best Ideas Q4'23

Best ideas are; AKRBP, MOWI, STB, 2020, BONH, DOFG, ENTRA, ELMRA and KOMPL

Today's struggles, tomorrow's triumph

Q3: Broadly in line, deleveraging continues. Market challenging, competitors struggling. BS more robust. '24e unchanged: BUY.

Leverage down

Q3e: Further improvement

Q3e: Sales up 3.9% and better profitability y-o-y. Balance sheet set to improve further in Q3 and Q4. '24e EBIT down 6.6% on higher costs. BUY, TP of NOK 19 (22).

Ready when the market turns

Q2: Norway solid, Sweden soft. Challenging market, but Komplett ready when market improves. BS more robust. '24e unchanged. BUY.

Q2: Broadly in line, better CF

Uphill battle

We expect Komplett to reiterate a challenging market, but also that there are signs of improvement driven by a better gross margin.

Signs of improvement

GM has bottomed, sales back to pre-COVID levels. Leverage works both ways: solid earnings capacity in '24e. Momentum turning. BUY the online champ.

Higher GM and higher costs

Q1e: Further improvement

GM has bottomed, sales back to pre-COVID levels. Leverage works both ways: solid earnings capacity in '24e. Momentum turning. BUY the online champ.