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

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NilsAB
07.08.2019 kl 12:11 494

Tipp topp! Håper flere meglerhus kommer på banen!
NilsAB
12.08.2019 kl 08:51 346

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%
NilsAB
12.08.2019 kl 11:10 281

Arctic tar opp dekning i Norbit, kursmål 32,-
mnn
12.08.2019 kl 22:40 163

Virka som om de er dårlig intresse for denne her på sidem.