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.

More M&A in sight

Q2e: 10% org. growth and NOK 41m in EBIT. We lift '25-'26e EBITDA-capex by 7%. Reiterate BUY, TP up to NOK 32 (30).

A new chapter begins

Underlying EBIT estimates down 4-5%, but offset by M&A. A new chapter begins: expanding outside Nordics. Reiterate BUY, TP up to NOK 30 (27).

EBITDA below on higher opex

Expanding beyond the Nordics

The Smart(est) guy in the room

Q4: 14% organic ARR growth and 7% adj. EBITDA-capex beat. 5-8% price hikes + backlog to drive ARR growth in Q1e. Reiterate BUY: TP of NOK 27.

Adj. EBITDA -5% below cons

Valuation upside from peer transaction

Q4'23e preview: We are below cons on EBIT. 5-8% price hikes + backlog to drive ARR growth in Q4/Q1e. Reiterate BUY: TP up to NOK 27 (25).

Two main competitors merging

5-8% price hike around the corner

We cut '24e EBIT by 2% and '25e by 5%. 5-8% price hikes + backlog to drive ARR growth in Q4/Q1e. Reiterate BUY: TP of NOK 25/share.

Adj. EBITDA -6% below

Good outlook for H2

ARR 1% above, EBITDA-capex in-line

Set for 47% EBIT growth in Q2e

A step-up in M&A activity likely the next trigger. BUY with a new TP of NOK 25 (22).

Good growth, but higher capex