Northbaze Group Q1’20: Undramatic Report

Research Note

2020-04-28

10:14

Redeye reiterates its view of Northbaze being fairly priced at this point. The report overall was undramatic, where a small sales beat in both segments and slightly lower OPEX led to a breakeven result on EBITDA level. Operational improvements are visible across the board, but we argue that the risk in the case has increased, expecting the next to two quarters to be tough.

OV

VW

Oskar Vilhelmsson

Viktor Westman

Disclosures and disclaimers

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