EVRY (No_rec, TP: NOK) - Discontinuing coverage

We have discontinued coverage of EVRY. Our last published recommendation, target price and estimates should no longer be relied upon.

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EVRY (Buy, TP: NOK45.00) - Merger with Tieto approved

Tieto and EVRY today announced that they have received all required regulatory approval needed to complete their merger, EVRY now having sold off a minor business unit in Norway. EVRY’s last day of trading is expected to be 4 December, and the first day of trading for TietoEVRY is expected to be 5 December. We have raised our target price for EVRY to NOK45 (44), to reflect the implied value of EVRY shares based on our Tieto target price (see our report on Tieto here).

Sector Fast Comment - IT services Q3: solid results, weaker outlook

Sales and margins held up well across the Nordics in Q3 Organic net recruitment and market sentiment turns down Sector at all-time high multiples, risk to the downside

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EVRY (Buy, TP: NOK44.00) - Transformation continuing

While the Q3 results were slightly below our forecasts, the quarter yet again showed EVRY’s transformation from a legacy IT infrastructure vendor into a faster-growing IT services and solutions provider, with still-solid growth across Consulting- and Applications Services. We have made limited estimate revisions, and we reiterate our BUY and have raised our target price to NOK44 (NOK42).

EVRY - Q3 better than Q2, Q4 should be better than Q3

Q3 unimpressive, but financial trend is positive On track for merger, both Tieto & EVRY were better q-o-q Good risk reward: reiterate BUY

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EVRY (Buy, TP: NOK42.00) - Minor estimate changes

Following modest estimate revisions, we are slightly above consensus ahead of the Q3 results. We expect a continued drop in restructuring costs related to IBM, news on the Sweden turnaround process, an update on progress of the merger with Tieto, and details on the arbitration process with IBM. We reiterate our BUY and NOK42 target price.

Powerpoint Sector Report - Swedish IT hardware/services turning down

Weakness starting to show in IT market after the summer Sector performing well on historically high multiples 40-80% downside in many shares assuming a 2013 scenario

1 director sold

A director at Evry Asa sold 500,000 shares at 32.500NOK and the significance rating of the trade was 89/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showi...

EVRY ASA sees a downgrade to Neutral on account of less fundamental st...

The independent financial analyst theScreener just lowered the general evaluation of EVRY ASA (NO), active in the Computer Services industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date July 19, 2019, the closing price was NOK 31.35 and its target ...

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EVRY (Buy, TP: NOK42.00) - Possible further synergies

While the Q2 results were slightly soft (seasonality; decline in non-strategic business), we appreciated that EVRY management commented that the proposed EUR75m in annual TietoEVRY synergies may be a cautious estimate. BUY and NOK42 target maintained.

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EVRY (Buy, TP: NOK42.00) - Q2 another non-event; focus likely on propo...

After modest estimate revisions, we are in line with consensus, expecting Q2 to be a relatively slow quarter due to fewer working days YOY. We believe the focus on reporting day will be on the proposed merger with Tieto, which we continue to find attractive. BUY and NOK42 target price maintained.

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EVRY (Buy, TP: NOK42.00) - ‘Bi-winning’ proposed merger

While yesterday’s close of Tieto implies a valuation of NOK36.6 per EVRY share, we believe this significantly underrates the attractiveness of an EVRY/Tieto combination, its potential synergies, strengthened competitive positioning, and improved share structure. As such, we have raised our target price to NOK42 (40) and reiterate our BUY recommendation, as we believe the companies are better together.

EVRY (Buy, TP: NOK40.00) - Steady performer

Q1 was mostly a non-event from our point of view, with and adj. EBITA (adjusted for IFRS16 effects) slightly ahead of our expectations but below consensus, driven by solid organic growth in Norway and Financial Services, but still challenges in Sweden. We have made only limited estimate revisions, expecting Sweden to rebound in H2, and reiterate our BUY recommendation and NOK40 target price.

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