reports
- Christoffer Wang Bjørnsen
- Aksel Øverland Engebakken
- Christoffer Wang Bjørnsen
Otello (Buy, TP: NOK48.00) - AdColony proceeds not reflected
While Otello’s share price has re-rated somewhat following the announced agreement to sell AdColony to Digital Turbine, in our view the market has yet to fully reflect the underlying value of Otello’s holdings or the implications of the proceeds to be raised from the sale. Following the AdColony trading update, we have raised our estimates and lifted our target price to NOK48 (40) to reflect the bid. We reiterate our BUY.
- Christoffer Wang Bjørnsen
Otello (Buy, TP: NOK40.00) - Bemobi listed; poised for rise
Bemobi finally listed, albeit with a valuation significantly below our assessment. Regardless, we continue to see significant upside potential to Bemobi’s valuation, as well as solid value uplift inherent in AdColony and Vewd. With Bemobi now listed on the B3, we see the Otello case as de-risked, and still likely to re-rate. We reiterate our BUY with a lowered NOK40 (43) target price.
- Christoffer Wang Bjørnsen
- Håkon Astrup
- Jimi Lehtonen
- Joachim Gunell
- Jon Masdal
- Jørgen Lian
- Karl-Johan Bonnevier
- Martin Hoang Nguyen
- Martin Huseby Karlsen
- Niclas Gehin
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Simen Mortensen
- Stefan Gauffin
- Viktor Trollsten
SPOG SPAREBANKEN OST ASA
MORG SPAREBANKEN MORE
METSB METSA BOARD OYJ CLASS B
SOR SPAREBANKEN SOR
INVESTMENT LATOUR AB
OTEC OTELLO CORP ASA
VEI VEIDEKKE ASA
ENTRA ENTRA ASA
BRAV BRAVIDA HOLDING AB
TIGO MILLICOM INTERNATIONAL CELLULAR S.A.
SPOL SPAREBANK 1 ØSTLANDET
SCH SCHIBSTED ASA CLASS A
BOL BOLIDEN AB
QFUELME QUANTAFUEL
AKH AKER HORIZONS
- Christoffer Wang Bjørnsen
Otello (Buy, TP: NOK43.00) - Still unique risk/reward asymmetry
We have tweaked our estimates ahead of Otello’s Q4 report. We continue to expect 30% YOY growth for AdColony and that abating Covid-19 headwinds in emerging markets will lift revenues and earnings for Bemobi. With AdColony back in the black with above-market growth, and Bemobi seemingly marching ahead with a separate listing in Brazil, we find the unique risk/reward asymmetry of Otello stock to be as compelling as ever. We reiterate our BUY, albeit cutting our target price to NOK43 (44) due to N...
- Christer Magnergård
- Christoffer Wang Bjørnsen
- Håkon Astrup
- Karl-Johan Bonnevier
- Ole-Andreas Krohn
- Rune Majlund Dahl
- Simen Mortensen
- Stefan Gauffin
- Tomi Railo
- Viktor Trollsten
- Christoffer Wang Bjørnsen
- David Martinsson
- Mats Bye
- Mattias Holmberg
- Ole-Andreas Krohn
- Christoffer Wang Bjørnsen
Otello (Buy, TP: NOK44.00) - Momentum continues; target price lifted t...
We view today’s trading update as another datapoint demonstrating the underlying momentum of Otello’s business, as well as the inherent value of its financial trajectories. Therefore, we have raised our top-line and EBITDA estimates significantly, as well as our target price to NOK44 (33). We reiterate our BUY.
- Christoffer Wang Bjørnsen
- David Martinsson
- Jesper Ingildsen
- Jimi Lehtonen
- Jon Masdal
- Jørgen Lian
- Martin Hoang Nguyen
- Martin Huseby Karlsen
- Mattias Holmberg
- Niclas Gehin
- Nicolai Farstad Olsen
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Olof Larshammar
- Tomi Railo
EQNR EQUINOR ASA
UPM UPM-KYMMENE OYJ
TYRES NOKIAN RENKAAT OYJ
OSSR OSSUR HF.
SOBI SWEDISH ORPHAN BIOVITRUM AB
XXL XXL ASA
CARL B CARLSBERG A/S CLASS B
TREL B TRELLEBORG AB CLASS B
HEX HEXAGON COMPOSITES ASA
LUNE LUNDIN ENERGY AB
NEL NEL ASA
MOCORP METSO OUTOTEC OYJ
OTEC OTELLO CORP ASA
DNO DNO ASA CLASS A
SKF B SKF AB CLASS B
VALMT VALMET CORP
AKSOO AKER SOLUTIONS ASA
ELK ELKEM ASA
ADEB ADEVINTA
VOW VOW
- Christoffer Wang Bjørnsen
Otello (Buy, TP: NOK33.00) - Everything’s falling into place
Solid growth in the Q3 top line and operating leverage despite Covid-19 headwinds, combined with significant operational improvements, suggest to us Otello is experiencing one of the sector’s most impressive revivals. We have raised our estimates significantly, and our target price to NOK33 (30); we reiterate our BUY.
- Christoffer Wang Bjørnsen
Otello (Buy, TP: NOK30.00) - Investment case materialising
Following Otello’s Q3 trading update and filing of preliminary documents ahead of listing Bemobi in Brazil, we have made only limited estimate revisions, but see further data points that suggest our investment case is starting to materialise. We also believe the early results release due next week is likely to provide further proof, hence we have raised our target price to NOK30 (26) and reiterate our BUY.
OTELLO CORPORATION is slightly downgraded to Slightly Positive due to ...
The independent financial analyst theScreener just slightly lowered the general evaluation of OTELLO CORPORATION (NO), active in the Software industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains unchanged and can be qualified as defensive. However, a marginally less favourable environment forces theScreener to downgrade slightly the title, which now shows an overall rating of Slightly Positive. As of the analysis dat...
Sand Grove Responds to Results of the Extraordinary General Meeting Re...
OSLO, Norway--(BUSINESS WIRE)-- Sand Grove Capital Management LLP (“Sand Grove”) notes the results of the Extraordinary General Meeting held today to vote on proposed changes to the Board and Nomination Committee of Otello Corporation ASA (“Otello” or the “Company”). Whilst Sand Grove is disappointed that shareholders have in a majority voted against its proposals for the Board of Directors of the Company and the Nomination Committee of the Company, we note that the votes were exceptionally close. Sand Grove’s sole objective was to put in place a Board with the breadth of experience and abil...
Sand Grove Responds to Statement by the Otello Nomination Committee Re...
OSLO, Norway--(BUSINESS WIRE)-- Sand Grove Capital Management LLP (“Sand Grove”) notes the statement made on the 28th of August by the Nomination Committee of Otello Corporation ASA (the “Company” or “Otello”) in respect of the upcoming Extraordinary General Meeting (“EGM”) to vote on proposed changes to the Board and Nomination Committee. Sand Grove believes that, as has been our experience with all corporate governance bodies at Otello, the Nomination Committee failed to address the most important focus for all shareholders, that of value creation. The Nomination Committee provides no defe...
- Christoffer Wang Bjørnsen
Otello (Buy, TP: NOK26.00) - Near-term noise a source of opportunity
While Covid-19 created a challenging macro environment in Q2, we continue to see an underlying trend very much in support of our investment thesis for AdColony and Bemobi during Q2. As such, we see the near-term noise as a source of opportunity and reiterate our BUY and NOK26 target price.
Sand Grove Announces the Publication of Presentation and Website Provi...
OSLO, Norway--(BUSINESS WIRE)-- On 4 August 2020 Sand Grove Capital Management LLP (“Sand Grove”), which owns or has economic interest in shares representing approximately 25.4% of the common stock of Otello Corporation ASA (the “Company” or “Otello”), requested that the Company’s Board of Directors convene an Extraordinary General Meeting (“EGM”) to vote on proposed changes to the Board and Nomination Committee. Today Sand Grove announces that it is publishing a presentation to provide further information to market participants regarding the reasons for the proposed changes to the Board of ...
- Christoffer Wang Bjørnsen
- Frank Maaø
- Jørgen Lian
- Ole-Andreas Krohn
- Christoffer Wang Bjørnsen
Otello (Buy, TP: NOK26.00) - Still a unique opportunity
While governance changes have been proposed, we expect Otello’s resurgence to continue unabated and its share price to re-rate significantly near-term. We see this as a particularly attractive buying opportunity, and reiterate our BUY. However, we have trimmed our target price to NOK26 (29) on FX.
- Alexander Aukner
- Christoffer Wang Bjørnsen
- Håkon Astrup
- Helene Kvilhaug Brøndbo
- Karl-Johan Bonnevier
- Martin Huseby Karlsen
- Niclas Gehin
- Nicolay Dyvik
- Ole-Andreas Krohn
- Patrik Ling
- Tomi Railo
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