Multiconsult will release its Q4 results on 10 February. We expect EBITA of NOK 98m, broadly in line with the company-collected consensus of NOK 96m. We downgrade the stock to Hold from Buy and lower our target price to NOK 185 (previously NOK 220), reflecting a more competitive pricing environment that could pressure margins. This comes at a time when operating expenses are expected to continue to rise, potentially offsetting the benefits of a strong order backlog and high activity levels. Whil ....
