Sparebank 1 Markets oppgraderer kjøpsmål
NEL:SPAREBANK 1 MARKETS OPPGRADERER TIL KJØP FRA NØYTRAL
Oslo (TDN Direkt): Sparebank 1 Markets oppgraderer Nel til kjøp fra nøytral og øker kursmålet på aksjen til ti kroner fra syv kroner, ifølge en analyse tirsdag.
Oslo (TDN Direkt): Sparebank 1 Markets oppgraderer Nel til kjøp fra nøytral og øker kursmålet på aksjen til ti kroner fra syv kroner, ifølge en analyse tirsdag.
StangInn
03.09.2019 kl 09:42
865
Back in business! Upgrade to Buy
We upgrade our recommendation on NEL to Buy from Neutral and increase our target price
to NOK10.0 from NOK7.0. The company delivered Q2 2019 figures in line with estimates,
and the provisions for cost related to the Kjørbo incident ended up at NOK35m versus
guided NOK10m-NOK100m. More importantly, NEL reported an all-time high order backlog
of NOK568m. Following the quarter end, NEL has received purchase orders for both
hydrogen fuelling stations and electrolysers, indicating that the uncertainty related to
Kjørbo is removed and company is back in business. We argue that focus will switch from
short-term negative cost, to long-term positive market development, and we recommend
to Buy NEL as momentum is building up towards a long-term high-growth market.
We upgrade our recommendation on NEL to Buy from Neutral and increase our target price
to NOK10.0 from NOK7.0. The company delivered Q2 2019 figures in line with estimates,
and the provisions for cost related to the Kjørbo incident ended up at NOK35m versus
guided NOK10m-NOK100m. More importantly, NEL reported an all-time high order backlog
of NOK568m. Following the quarter end, NEL has received purchase orders for both
hydrogen fuelling stations and electrolysers, indicating that the uncertainty related to
Kjørbo is removed and company is back in business. We argue that focus will switch from
short-term negative cost, to long-term positive market development, and we recommend
to Buy NEL as momentum is building up towards a long-term high-growth market.