Crayon (Buy, TP: NOK180.00) - Signs of International scale

Following another set of quarterly results that beat our estimates and consensus, and signs of operating leverage beyond the Nordics, albeit in a smaller quarter from a seasonal perspective, we have raised our estimates slightly. We view Q1 as a quarter in which Crayon continued to demonstrate that it is building a global platform from which it can harvest down the line. We reiterate our BUY and NOK180 target price.

Crayon (Buy, TP: NOK180.00) - Unique exposure shining through

While we have trimmed our earnings estimates on slightly higher growth investments after a stronger than expected Q4, we see the timing as right for Crayon to continue building its global position. Thus, we have raised our target price to NOK180 (155) as we expect the market to continue to appreciate Crayon’s unique growth profile. We reiterate our BUY.

Crayon (Buy, TP: NOK155.00) - Set to grow faster than the market – aga...

We have made limited estimate revisions ahead of the Q4 results beyond incorporating the Sensa acquisition. We continue to expect Crayon to outperform peers in terms of gross profit growth thanks to its high exposure to the enterprise software and cloud services markets. We reiterate our BUY and have raised our target price to NOK155 (125).

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Crayon (Buy, TP: NOK125.00) - Continuing to outperform peers

Crayon continued to outperform its broader market during Q3 and we see no reason for this to change. With adj. EBITDA and gross profit significantly above our expectations in Q3, we have raised our estimates and target price to NOK125 (115) – BUY reiterated.

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Crayon (Buy, TP: NOK115.00) - International growth story sinking in

After a solid Q2 – again illustrating Crayon’s ability to execute on its international growth strategy – we have raised our estimates, as we believe the growth story is dawning on the market. We reiterate our BUY and have raised our target price sharply, to NOK115 (75).

Crayon (Buy, TP: NOK75.00) - Continuing to outperform

Crayon continued to outperform its market, as well as our forecasts and consensus in Q1, with 24% organic gross profit growth YOY driven by all business units. While we have lowered our estimates slightly, we reiterate our BUY and NOK75 target price as Crayon continues to take market share on the back of a seemingly unique position.

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Crayon (Buy, TP: NOK75.00) - Q4 setback an opportunity

We have cut our 2020–2021e adj. EBITDA by ~8–9% on the Q4 report, but view it as a temporary setback and still expect solid financial performance based on Crayon’s unique position. We reiterate our BUY but have lowered our target price to NOK75 (78) on reduced estimates.

Crayon (Buy, TP: NOK78.00) - BUY ahead of the Q4 report

We see upside potential for Crayon’s near- and medium-term financial guidance in conjunction with its upcoming results presentation, have significantly raised our estimates, and reiterate our BUY ahead of Crayon’s Q4 results next week. We have raised our target price to NOK78 (50) as we expect the stock to continue its re-rating towards a peer multiple valuation.

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Crayon (Buy, TP: NOK50.00) - Nearing an inflection point

Q3 marked another quarter in which growth and adj. EBITDA beat forecasts, as well as seeing smaller operating losses in the non-Nordic operations. We have edged up our estimates, and our target price to NOK50 (48), and reiterate our BUY, with Q4 a potential inflection point for a further re-rating.

Crayon (Buy, TP: NOK48.00) - Re-rating set to continue

We have increased our estimates slightly ahead of the Q3 results, expecting another quarter in which it continues to build a solid track record and drive investor sentiment. We have therefore raised our target price to NOK48 (38) and reiterate our BUY.

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Crayon (Buy, TP: NOK37.00) - Particularly good opportunity ahead of Q2...

We reiterate our BUY and have raised our target price to NOK37 (30) ahead of the Q2 results, as: 1) we believe there is upside potential to guidance; and 2) we expect the market to adopt a more positive view on Crayon as it continues to build up its track record (which should be accelerated by the announced NOK1.3bn licensing agreement in the US public sector).

Crayon (Buy, TP: NOK30.00) - Nordics building solid track record

Gross profit was 8% ahead of us/consensus while adj. EBITDA was ahead of our estimate but slightly below consensus. Although we have made limited underlying estimate changes following a seasonally less significant quarter, we have raised our target price to NOK30 (27) on the continued accumulation of a solid track record for Crayon’s Nordic Markets.

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