Bravida : A good vehicle to make the most of the upturn in Nordic construction
We are initiating coverage of Bravida with an Outperform rating, a target price of SEK 112 and a Neutral ESG opinion. A leading player in the Nordic multi-technical installations and services market (Top 3), Bravida has a solid business model with recurring business (65% of revenue in services and renovation activities), good profitability (EBITA margin >6%), excellent FCF generation and a healthy balance sheet (Net Debt/EBITDA:1x). The group should leverage these strengths to capture the pick-up in demand for multi-technical services set to start in 2026 amid the energy transition. In a highly fragmented sector, acquisitions should continue to fuel growth.Bravida is a Nordic region end-to-end provider of technical installations and service for buildings and industrial facilities. Co. offers integrated solutions in electrical, heating & plumbing and HVAC. Co. provides end-to-end services within these three areas, from consulting and project planning, to installation and service. Co.'s electrical installation business offers integrated solutions for lighting, heating and energy supply. Co.'s heating & plumbing segment provides integrated solutions for water, waste water, energy, heating and cooling.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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