Minor model adjustments

Minor model adjustments
We have raised our Q3e net profit by NOK11m to
reflect an expected FX gain from the NOK depreciation
in the quarter (B2Holding’s main market is Europe
while it reports in NOK). This adjustment alone raises
our 2019e EPS by 12% (our 2020–2021e EPS are
unchanged). We do not consider these changes to be
material, and we have not changed our BUY
recommendation. We reiterate our NOK11 target price.
B2Holding is due to report its Q3 results at 07:00 CET
on 6 November.