We expect NRC Group to report Q2/21 EBITA of NOK 34m, 11% below latest Factset consensus of NOK 38m, and up 26% Y/Y driven by improved cost efficiency in Finland. We expect Q2/21 sales of NOK 1,560m, corresponding to negative sales growth of 6% Y/Y following soft order intake in Q2/20-Q1/21. Despite taking down our estimates and target price ahead of the Q2/21 results, we upgrade our recommendation from Hold to Buy.
