BørsXtra: Initierer dekning av NORBIT, Okea, B2 Holding
NORBIT: SP1M initierer dekning med kjøpsanbefaling og kursmål NOK 30.
B2 HOLDING: Arctic kutter kursmålet til NOK 16 (20), gjentar kjøp.
OKEA: Pareto initierer dekning med kjøpsanbefaling og kursmål NOK 35. SP1M initierer dekning med kjøpsanbefaling og kursmål NOK 33.
OCEAN YIELD: Nordea øker fair value verdi til NOK 58,2 (56,6), gjentar hold.
INTERNATIONAL PETROLEUM (IPCO): Pareto kutter aksjekursen for det Stockholm-noterte selskapet til SEK 60 (65), gjentar kjøp. SP1M beholder SEK 60 og kjøpsanbefaling.
VEIDEKKE: Nordea øker kursmålet til NOK 100 (95), gjentar kjøp.
KJØP/SALG/LEIE/GI BORT: Nå åpner vi formelt en ny kanal inne på Xtrainvestor ganske på siden av det normale temaet (etter ønske fra medlemmer) der medlemmene gratis kan poste om hva de kan ønske kjøpe/selge/leie eller rett og slett gi bort. Legg gjerne inn eller svar på det som måtte være relevant for deg. Kanalen er også åpen for lesing for de som ikke er medlemmer. https://www.xtrainvestor.com/channel/kjop-salg-leie-gi-bort
BØRSXTRA…. når daglig over 20.000 personer. Mottar du den ikke allerede per mail? Da bør du legge inn emailadressen din her: https://bit.ly/2ULE5Op - du kan til enhver tid avmelde deg ved å klikke på lenke i mottatt mail.
Disclaimer: The Information is based on information obtained from public and non-public sources that Xtrainvestor believes to be reliable but which Xtrainvestor has not independently verified, and Xtrainvestor makes no guarantee, representation or warranty as to its accuracy or completeness. Xtrainvestor, its holding company or staff in Xtrainvestor may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives) of any company mentioned in the publication or report. The Information is not an offer to buy or sell any security or other financial instrument or to participate in any investment strategy. No liability whatsoever is accepted for any direct or indirect (including consequential) loss or expense arising from the use of the Information.
B2 HOLDING: Arctic kutter kursmålet til NOK 16 (20), gjentar kjøp.
OKEA: Pareto initierer dekning med kjøpsanbefaling og kursmål NOK 35. SP1M initierer dekning med kjøpsanbefaling og kursmål NOK 33.
OCEAN YIELD: Nordea øker fair value verdi til NOK 58,2 (56,6), gjentar hold.
INTERNATIONAL PETROLEUM (IPCO): Pareto kutter aksjekursen for det Stockholm-noterte selskapet til SEK 60 (65), gjentar kjøp. SP1M beholder SEK 60 og kjøpsanbefaling.
VEIDEKKE: Nordea øker kursmålet til NOK 100 (95), gjentar kjøp.
KJØP/SALG/LEIE/GI BORT: Nå åpner vi formelt en ny kanal inne på Xtrainvestor ganske på siden av det normale temaet (etter ønske fra medlemmer) der medlemmene gratis kan poste om hva de kan ønske kjøpe/selge/leie eller rett og slett gi bort. Legg gjerne inn eller svar på det som måtte være relevant for deg. Kanalen er også åpen for lesing for de som ikke er medlemmer. https://www.xtrainvestor.com/channel/kjop-salg-leie-gi-bort
BØRSXTRA…. når daglig over 20.000 personer. Mottar du den ikke allerede per mail? Da bør du legge inn emailadressen din her: https://bit.ly/2ULE5Op - du kan til enhver tid avmelde deg ved å klikke på lenke i mottatt mail.
Disclaimer: The Information is based on information obtained from public and non-public sources that Xtrainvestor believes to be reliable but which Xtrainvestor has not independently verified, and Xtrainvestor makes no guarantee, representation or warranty as to its accuracy or completeness. Xtrainvestor, its holding company or staff in Xtrainvestor may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives) of any company mentioned in the publication or report. The Information is not an offer to buy or sell any security or other financial instrument or to participate in any investment strategy. No liability whatsoever is accepted for any direct or indirect (including consequential) loss or expense arising from the use of the Information.
Redigert 21.01.2021 kl 07:05
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NilsAB
07.08.2019 kl 12:11
1693
Tipp topp! Håper flere meglerhus kommer på banen!
Redigert 21.01.2021 kl 07:05
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NilsAB
12.08.2019 kl 08:51
1544
Combination of profitable growth and high visibility
We initiate coverage of NORBIT with a Buy rec. and NOK30 tp., which correspond to ‘20e
P/E of 15x. With in-house production facilities and throughout cutting-edge expertise with
its multidisciplinary R&D capabilities, NORBIT has delivered revenue CAGR of ~105% last
five years with its sonar solutions. Moreover, with an established and proven global indirect
sales network of tier one distributors, the EBITDA CAGR the last couple of years show +200%
with +20% margin. With a current market share of only ~3%, NORBIT has the ability to grow
this segment triple-digit for years, evidenced by ~110% YoY growth in 1Q19. Coupled with
secured long-term contracts with its connectivity devices for tachographs with market
leader Continental (6y) and supplier Intellic (7y), which ensures ~NOK18.5m in monthly run-
rate revenue contribution at +30% EBIT margin, we argue NORBIT is positioned to deliver
both 1) profitable double digit EBIT growth and 2) distribute excess cash as dividends. This
is supported by a trailing 12 month pre-tax ROCE of ~25%, as of 1Q19.
Highly scalable and profitable growth within Oceans…
With in-house production facilities and throughout cutting-edge expertise with its R&D
capabilities, NORBIT has delivered revenue CAGR of ~105% over the last five years with
its sonar solutions. Moreover, with an established and proven global indirect sales
network of tier 1 distributors, the EBITDA CAGR the last couple of years show +200%,
at +20% EBIT margin. With a current market share of only ~3%, NORBIT has the ability
to grow this segment triple-digit for years, evidenced by ~110% YoY growth in 1Q19.
…coupled with secured long-term profitable contracts within ITS…
EU regulation made it mandatory to install a smart tachograph in all new trucks
registered after June 15th 2019. This is a stable long-term market with close to 350k
trucks (+3.5t) being registered in EU on a yearly basis. NORBIT has secured long-term
contracts (6-7 years) with market leader Continental (80% of the market) and supplier
Intellic, which ensures ~NOK18.5m in monthly revenue contribution at +30% EBIT
margin. This set the scene for both highly profitable growth and attractive dividends.
…leave us at a Buy rec. and NOK30 target price
Adding Oceans at NOK1,108m (‘19e EV/EBIT 15.8x), ITS at NOK898m (13x), PIR at
NOK49m (7.5x), tax-losses of NOK15m and deducting Group/Eliminations of NOK182m
and NIBD of NOK199m, we arrive at NOK30 per share, meaning 15x ‘20e P/E. This also
correspond to ‘19e recurring EV/EBIT of 14x, which is in in line with peers on EBIT
growth adjusted multiples. Median peers trade at 2019e EV/EBIT of 17.6x.
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Key Data
Share price (NOK) 23.4
Target price (NOK) 30.0
Bloomberg NORBIT NO
Market capitalisation (NOKm) 1.329
Enterprise value (NOKm) 1.528
Shares outstanding (m) 57
Shares fully diluted (m) 57
Average daily volume (000s) n/a
Free float (%)
Share Price (12m)
1m 6m 12m
Price n/a n/a n/a
Rel. Index n/a n/a n/a
Share Price Performance
000
000
000
001
001
001
Series1
Company Overview (NOK)
Year end: 2016 2017 2018 2019 2020 2021 2022
Total Revenues 310.2 352.2 438.4 713.3 804.4 875.7 923.5
EBITDA adj. 18.5 40.6 74.8 177.1 197.3 209.6 208.1
EBIT. Adj. -4.4 8.0 38.1 132.7 151.0 165.1 168.1
Profit rep. -6.3 28.6 47.8 74.5 112.3 122.8 124.9
Profit adj. -7.0 25.7 24.8 88.8 112.3 122.8 124.9
EPS rep. 1.31 1.97 2.15 2.19
EPS adj. 1.56 1.97 2.15 2.19
Balance Sheet
NIBD -108.8 -117.4 -160.9 0.5 18.0 43.0 63.5
Working capital to sales 19.5% 23.8% 30.6% 32.0% 31.5% 31.5% 31.5%
Margins & Profitability
Revenue growth 13.5% 24.5% 62.7% 12.8% 8.9% 5.5%
Recurring EBIT growth 376% 248% 14% 9% 2%
Recurring EBIT margin -1.4% 2.3% 8.7% 18.6% 18.8% 18.8% 18.2%
Pre-tax ROCE -3.1% 3.8% 14.5% 24.2% 24.5% 24.2% 22.5%
ROE -7.0% 26.3% 31.7% 17.1% 22.3% 21.5% 19.7%
We initiate coverage of NORBIT with a Buy rec. and NOK30 tp., which correspond to ‘20e
P/E of 15x. With in-house production facilities and throughout cutting-edge expertise with
its multidisciplinary R&D capabilities, NORBIT has delivered revenue CAGR of ~105% last
five years with its sonar solutions. Moreover, with an established and proven global indirect
sales network of tier one distributors, the EBITDA CAGR the last couple of years show +200%
with +20% margin. With a current market share of only ~3%, NORBIT has the ability to grow
this segment triple-digit for years, evidenced by ~110% YoY growth in 1Q19. Coupled with
secured long-term contracts with its connectivity devices for tachographs with market
leader Continental (6y) and supplier Intellic (7y), which ensures ~NOK18.5m in monthly run-
rate revenue contribution at +30% EBIT margin, we argue NORBIT is positioned to deliver
both 1) profitable double digit EBIT growth and 2) distribute excess cash as dividends. This
is supported by a trailing 12 month pre-tax ROCE of ~25%, as of 1Q19.
Highly scalable and profitable growth within Oceans…
With in-house production facilities and throughout cutting-edge expertise with its R&D
capabilities, NORBIT has delivered revenue CAGR of ~105% over the last five years with
its sonar solutions. Moreover, with an established and proven global indirect sales
network of tier 1 distributors, the EBITDA CAGR the last couple of years show +200%,
at +20% EBIT margin. With a current market share of only ~3%, NORBIT has the ability
to grow this segment triple-digit for years, evidenced by ~110% YoY growth in 1Q19.
…coupled with secured long-term profitable contracts within ITS…
EU regulation made it mandatory to install a smart tachograph in all new trucks
registered after June 15th 2019. This is a stable long-term market with close to 350k
trucks (+3.5t) being registered in EU on a yearly basis. NORBIT has secured long-term
contracts (6-7 years) with market leader Continental (80% of the market) and supplier
Intellic, which ensures ~NOK18.5m in monthly revenue contribution at +30% EBIT
margin. This set the scene for both highly profitable growth and attractive dividends.
…leave us at a Buy rec. and NOK30 target price
Adding Oceans at NOK1,108m (‘19e EV/EBIT 15.8x), ITS at NOK898m (13x), PIR at
NOK49m (7.5x), tax-losses of NOK15m and deducting Group/Eliminations of NOK182m
and NIBD of NOK199m, we arrive at NOK30 per share, meaning 15x ‘20e P/E. This also
correspond to ‘19e recurring EV/EBIT of 14x, which is in in line with peers on EBIT
growth adjusted multiples. Median peers trade at 2019e EV/EBIT of 17.6x.
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Key Data
Share price (NOK) 23.4
Target price (NOK) 30.0
Bloomberg NORBIT NO
Market capitalisation (NOKm) 1.329
Enterprise value (NOKm) 1.528
Shares outstanding (m) 57
Shares fully diluted (m) 57
Average daily volume (000s) n/a
Free float (%)
Share Price (12m)
1m 6m 12m
Price n/a n/a n/a
Rel. Index n/a n/a n/a
Share Price Performance
000
000
000
001
001
001
Series1
Company Overview (NOK)
Year end: 2016 2017 2018 2019 2020 2021 2022
Total Revenues 310.2 352.2 438.4 713.3 804.4 875.7 923.5
EBITDA adj. 18.5 40.6 74.8 177.1 197.3 209.6 208.1
EBIT. Adj. -4.4 8.0 38.1 132.7 151.0 165.1 168.1
Profit rep. -6.3 28.6 47.8 74.5 112.3 122.8 124.9
Profit adj. -7.0 25.7 24.8 88.8 112.3 122.8 124.9
EPS rep. 1.31 1.97 2.15 2.19
EPS adj. 1.56 1.97 2.15 2.19
Balance Sheet
NIBD -108.8 -117.4 -160.9 0.5 18.0 43.0 63.5
Working capital to sales 19.5% 23.8% 30.6% 32.0% 31.5% 31.5% 31.5%
Margins & Profitability
Revenue growth 13.5% 24.5% 62.7% 12.8% 8.9% 5.5%
Recurring EBIT growth 376% 248% 14% 9% 2%
Recurring EBIT margin -1.4% 2.3% 8.7% 18.6% 18.8% 18.8% 18.2%
Pre-tax ROCE -3.1% 3.8% 14.5% 24.2% 24.5% 24.2% 22.5%
ROE -7.0% 26.3% 31.7% 17.1% 22.3% 21.5% 19.7%
Redigert 21.01.2021 kl 07:05
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NilsAB
12.08.2019 kl 11:10
1479
Arctic tar opp dekning i Norbit, kursmål 32,-
Redigert 21.01.2021 kl 07:05
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mnn
12.08.2019 kl 22:40
1361
Virka som om de er dårlig intresse for denne her på sidem.
Redigert 21.01.2021 kl 07:05
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