22.07.2019 kl 08:31 1553
NORDEA: Q2 2019 EBITDA was in line with our expectations but net earnings fell short due to a higher-than-anticipated tax rate, as the company could not utilise tax losses in France and China. We make limited estimate changes for 2019-21 other than implementing the Q2 results, as we now expect prices to have bottomed out. We reiterate Buy with a multiples-based target price of NOK 32 per share, reflecting a P/E ratio of 10x on our 2020 estimates
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