EDB Business Partner is a vendor of IT services in the Nordic region. Co. is organized into three business areas: Solutions; Application Services and IT Operations. The Solutions business area offers a range of software and consulting services for the Nordic banking and finance sector. The Application Services business area delivers a range of consulting services, through Guide Konsult in Sweden and Avenir in Norway. The IT Operations business area comprises network services, infrastructure and applications operations, security services, user support, as well as electronic business support services such as invoice management, payment services, messaging and printing.
  • TickerEVRY
  • ISINNO0010019649
  • ExchangeOslo Bors
  • SectorSoftware & Computer Services
  • CountryNorway

Analysts

Christoffer Wang Bjørnsen

EVRY (Buy, TP: NOK40.00) - Steady performer

Q1 was mostly a non-event from our point of view, with and adj. EBITA (adjusted for IFRS16 effects) slightly ahead of our expectations but below consensus, driven by solid organic growth in Norway and Financial Services, but still challenges in Sweden. We have made only limited estimate revisions, expecting Sweden to rebound in H2, and reiterate our BUY recommendation and NOK40 target price.

Christoffer Wang Bjørnsen ...
  • Håkon Astrup
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

EVRY ASA loses on its star level and is downgraded to Slightly Positive

The independent financial analyst theScreener just slightly lowered the general evaluation of EVRY ASA (NO), active in the Computer Services industry. The title has lost a star(s) at the fundamental level and now shows 2 out of 4 stars. Its exposure to market risk remains nonetheless the same and can be still described as defensive. theScreener slightly downgrades the general evaluation to Slightly Positive for the title on account of the lost star(s). As of the analysis date April 12, 2019, the closing price was NOK 31.20 and its potential was estimated at NOK 35.07.

Christoffer Wang Bjørnsen ...
  • Frank Maaø
  • Håkon Astrup
  • Joachim Gunell
  • Jon Masdal
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Stefan Gauffin

Northern Lights

Christoffer Wang Bjørnsen

EVRY (Buy, TP: NOK40.00) - Q1 set to be another non-event

We have trimmed our adj. EBIT and adj. EPS estimates for 2019, and expect Q1 to be another non-event for EVRY, as we expect to still see significant restructuring costs related to the IBM T&T process, and continued challenges in Sweden distorting the market’s perception of an otherwise well-performing and attractive business. We have raised our target price to NOK40 (37) on strong peer trading and retain our BUY.

Christoffer Wang Bjørnsen

EVRY (Buy, TP: NOK40.00) - Steady performer

Q1 was mostly a non-event from our point of view, with and adj. EBITA (adjusted for IFRS16 effects) slightly ahead of our expectations but below consensus, driven by solid organic growth in Norway and Financial Services, but still challenges in Sweden. We have made only limited estimate revisions, expecting Sweden to rebound in H2, and reiterate our BUY recommendation and NOK40 target price.

Christoffer Wang Bjørnsen

EVRY (Buy, TP: NOK40.00) - Q1 set to be another non-event

We have trimmed our adj. EBIT and adj. EPS estimates for 2019, and expect Q1 to be another non-event for EVRY, as we expect to still see significant restructuring costs related to the IBM T&T process, and continued challenges in Sweden distorting the market’s perception of an otherwise well-performing and attractive business. We have raised our target price to NOK40 (37) on strong peer trading and retain our BUY.

Christoffer Wang Bjørnsen

EVRY (Buy, TP: NOK37.00) - Unfortunate postponement of catalyst

The Q4 results disappointed with adj. EBITA 8% below our estimate and 4% below consensus, as EVRY’s Swedish business still struggled with profitability and some Norwegian business was pushed to 2019. An indicated front-end loading of NRIs for 2019 also likely makes H1 2019 an unexciting period as the main share catalyst (in our view) has been postponed. We keep our BUY, but have cut our target price to NOK37 (40) on lowered estimates.

Christoffer Wang Bjørnsen

EVRY (Buy, TP: NOK40.00) - Set for a solid 2019

After limited estimate changes we are above consensus for Q4e (results due at 07:00 CET on 8 February) and 2019–2020e. We expect 2019 to be a good year for EVRY, with a solid financial performance on the back of a shift in business mix, sharply lower restructuring costs, and a gradual resurgence of its Swedish operations. We reiterate our BUY recommendation and NOK40 target price.

Christoffer Wang Bjørnsen

EVRY (Buy, TP: NOK40.00) - Same strategy, updated outlook

EVRY used yesterday’s CMD to reiterate its strategy of shifting its business towards consulting and applications services, focusing less on infrastructure, as well as giving an updated financial outlook for 2019 and towards 2020. We have trimmed our adj. EPS estimates and model a lower payout ratio given assumed capital allocations, and keep our BUY and NOK40 target price.

Christoffer Wang Bjørnsen ...
  • Håkon Astrup
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Christoffer Wang Bjørnsen ...
  • Frank Maaø
  • Håkon Astrup
  • Joachim Gunell
  • Jon Masdal
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Stefan Gauffin

Northern Lights

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Håkon Astrup
  • Joachim Gunell
  • Karl-Johan Bonnevier
  • Mattias Montgomery
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen
  • Stefan Gauffin

Northern Lights

Christoffer Wang Bjørnsen ...
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Niclas Gehin
  • Ole Martin Westgaard
  • Ole-Andreas Krohn

Northern Lights

Alexander Aukner ...
  • Antti Kansanen
  • Christoffer Wang Bjørnsen
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Jon Berggren
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar

Northern Lights

EVRY ASA loses on its star level and is downgraded to Slightly Positive

The independent financial analyst theScreener just slightly lowered the general evaluation of EVRY ASA (NO), active in the Computer Services industry. The title has lost a star(s) at the fundamental level and now shows 2 out of 4 stars. Its exposure to market risk remains nonetheless the same and can be still described as defensive. theScreener slightly downgrades the general evaluation to Slightly Positive for the title on account of the lost star(s). As of the analysis date April 12, 2019, the closing price was NOK 31.20 and its potential was estimated at NOK 35.07.

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