DnB Markets

DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.

 

Simen Mortensen
  • Simen Mortensen
YIT YIT OYJ (Construction & Materials)

YIT (Hold, TP: EUR5.00) - Q3 to mark low season; next up, CMD

The shares have fallen in Q3, leaving YIT looking more attractively valued at a discount to peers on P/E. However, we reiterate our HOLD since we see Q3 marking low season (and thus not providing any potential share-price catalysts) and do not expect any further colour on the new CEO’s plans to restore EBIT margins before the CMD (scheduled for 23 November). We have trimmed our target price to EUR5 (5.5) on our updated forecasts and peer valuations. The Q3 results are due at 08:00 EET on 29 Octo...

Simen Mortensen
  • Simen Mortensen
NRC NRC GROUP ASA (Industrial Goods & Services)

NRC Group (Hold, TP: NOK17.00) - Strong Q3 order bookings, but not whe...

NRC announced solid order bookings of cNOK2bn in Q3, making it the second-best ever quarter in terms of orders. However, volumes for the Swedish operations remain low, and we see a risk that NRC might again fail to raise EBIT margins in 2022. We see downside risk in Infront consensus ahead of the Q3 results (due at c07:00 CET on 9 November) and a weak order intake in Sweden, and thus reiterate our HOLD and NOK17 target price. We continue to see solid upside potential if the company can lift its ...

Simen Mortensen
  • Simen Mortensen
AFG AF GRUPPEN ASA (Construction & Materials)

AF Gruppen (Sell, TP: NOK134.00) - Consensus remain high, but not for ...

We do not believe escalating inflation for building costs will significantly affect the Q3 results (due at 07:00 CET on 11 November), and forecast a Q3 EBIT slightly above Infront consensus due to profits expected from the sale of Construction City in the Property division. However, we find the longer-term consensus EBIT margin too bullish, putting our 2022e EPSs c20% below consensus. Accordingly, we reiterate our SELL and have trimmed our target price to NOK134 (136) on updated peer valuations.

Håkon Astrup
  • Håkon Astrup
B2H B2HOLDING ASA (Financial Services)

B2Holding (Buy, TP: NOK13.50) - Positioned for an investment uptick

We expect investment activity to have remained modest in Q3, but forecast sustained operational improvements with solid unsecured collections. Seasonally lower secured collections should also support earnings through a lower amortisation rate, and we forecast a Q3 EPS of NOK0.34 (results due at 07:00 CET on 4 November). Despite the continued slow investment pace, we see solid fundamentals for a meaningful pick-up in Q4e and 2022e. We reiterate our BUY and NOK13.5 target price, as the risk/reward...

Håkon Astrup
  • Håkon Astrup
AXA AXACTOR SE (Financial Services)

Axactor (Buy, TP: NOK12.00) - A low-season quarter

While the market outlook remains attractive, we expect a sustained modest investment pace for Q3 (results due at 07:00 CET on 27 October). We also expect seasonality to put a dent in Q3 collections and forecast a Q3 EBITDA of EUR19.5m. As we have lowered our 2022–2023e EPS by 3–4%, we have trimmed our target price to NOK12 (13). We reiterate our BUY and continue to find the risk/reward attractive, supported by a fundamentally strong market outlook and the modest valuation (2021e P/B of c0.6x).

Simen Mortensen
  • Simen Mortensen
YIT YIT OYJ (Construction & Materials)

YIT (Hold, TP: EUR5.00) - Q3 to mark low season; next up, CMD

The shares have fallen in Q3, leaving YIT looking more attractively valued at a discount to peers on P/E. However, we reiterate our HOLD since we see Q3 marking low season (and thus not providing any potential share-price catalysts) and do not expect any further colour on the new CEO’s plans to restore EBIT margins before the CMD (scheduled for 23 November). We have trimmed our target price to EUR5 (5.5) on our updated forecasts and peer valuations. The Q3 results are due at 08:00 EET on 29 Octo...

Simen Mortensen
  • Simen Mortensen
NRC NRC GROUP ASA (Industrial Goods & Services)

NRC Group (Hold, TP: NOK17.00) - Strong Q3 order bookings, but not whe...

NRC announced solid order bookings of cNOK2bn in Q3, making it the second-best ever quarter in terms of orders. However, volumes for the Swedish operations remain low, and we see a risk that NRC might again fail to raise EBIT margins in 2022. We see downside risk in Infront consensus ahead of the Q3 results (due at c07:00 CET on 9 November) and a weak order intake in Sweden, and thus reiterate our HOLD and NOK17 target price. We continue to see solid upside potential if the company can lift its ...

Simen Mortensen
  • Simen Mortensen
AFG AF GRUPPEN ASA (Construction & Materials)

AF Gruppen (Sell, TP: NOK134.00) - Consensus remain high, but not for ...

We do not believe escalating inflation for building costs will significantly affect the Q3 results (due at 07:00 CET on 11 November), and forecast a Q3 EBIT slightly above Infront consensus due to profits expected from the sale of Construction City in the Property division. However, we find the longer-term consensus EBIT margin too bullish, putting our 2022e EPSs c20% below consensus. Accordingly, we reiterate our SELL and have trimmed our target price to NOK134 (136) on updated peer valuations.

Håkon Astrup
  • Håkon Astrup
B2H B2HOLDING ASA (Financial Services)

B2Holding (Buy, TP: NOK13.50) - Positioned for an investment uptick

We expect investment activity to have remained modest in Q3, but forecast sustained operational improvements with solid unsecured collections. Seasonally lower secured collections should also support earnings through a lower amortisation rate, and we forecast a Q3 EPS of NOK0.34 (results due at 07:00 CET on 4 November). Despite the continued slow investment pace, we see solid fundamentals for a meaningful pick-up in Q4e and 2022e. We reiterate our BUY and NOK13.5 target price, as the risk/reward...

Håkon Astrup
  • Håkon Astrup
AXA AXACTOR SE (Financial Services)

Axactor (Buy, TP: NOK12.00) - A low-season quarter

While the market outlook remains attractive, we expect a sustained modest investment pace for Q3 (results due at 07:00 CET on 27 October). We also expect seasonality to put a dent in Q3 collections and forecast a Q3 EBITDA of EUR19.5m. As we have lowered our 2022–2023e EPS by 3–4%, we have trimmed our target price to NOK12 (13). We reiterate our BUY and continue to find the risk/reward attractive, supported by a fundamentally strong market outlook and the modest valuation (2021e P/B of c0.6x).

Simen Mortensen
  • Simen Mortensen
YIT YIT OYJ (Construction & Materials)

YIT (Hold, TP: EUR5.00) - Q3 to mark low season; next up, CMD

The shares have fallen in Q3, leaving YIT looking more attractively valued at a discount to peers on P/E. However, we reiterate our HOLD since we see Q3 marking low season (and thus not providing any potential share-price catalysts) and do not expect any further colour on the new CEO’s plans to restore EBIT margins before the CMD (scheduled for 23 November). We have trimmed our target price to EUR5 (5.5) on our updated forecasts and peer valuations. The Q3 results are due at 08:00 EET on 29 Octo...

Simen Mortensen
  • Simen Mortensen
NRC NRC GROUP ASA (Industrial Goods & Services)

NRC Group (Hold, TP: NOK17.00) - Strong Q3 order bookings, but not whe...

NRC announced solid order bookings of cNOK2bn in Q3, making it the second-best ever quarter in terms of orders. However, volumes for the Swedish operations remain low, and we see a risk that NRC might again fail to raise EBIT margins in 2022. We see downside risk in Infront consensus ahead of the Q3 results (due at c07:00 CET on 9 November) and a weak order intake in Sweden, and thus reiterate our HOLD and NOK17 target price. We continue to see solid upside potential if the company can lift its ...

Simen Mortensen
  • Simen Mortensen
AFG AF GRUPPEN ASA (Construction & Materials)

AF Gruppen (Sell, TP: NOK134.00) - Consensus remain high, but not for ...

We do not believe escalating inflation for building costs will significantly affect the Q3 results (due at 07:00 CET on 11 November), and forecast a Q3 EBIT slightly above Infront consensus due to profits expected from the sale of Construction City in the Property division. However, we find the longer-term consensus EBIT margin too bullish, putting our 2022e EPSs c20% below consensus. Accordingly, we reiterate our SELL and have trimmed our target price to NOK134 (136) on updated peer valuations.

Håkon Astrup
  • Håkon Astrup
B2H B2HOLDING ASA (Financial Services)

B2Holding (Buy, TP: NOK13.50) - Positioned for an investment uptick

We expect investment activity to have remained modest in Q3, but forecast sustained operational improvements with solid unsecured collections. Seasonally lower secured collections should also support earnings through a lower amortisation rate, and we forecast a Q3 EPS of NOK0.34 (results due at 07:00 CET on 4 November). Despite the continued slow investment pace, we see solid fundamentals for a meaningful pick-up in Q4e and 2022e. We reiterate our BUY and NOK13.5 target price, as the risk/reward...

Håkon Astrup
  • Håkon Astrup
AXA AXACTOR SE (Financial Services)

Axactor (Buy, TP: NOK12.00) - A low-season quarter

While the market outlook remains attractive, we expect a sustained modest investment pace for Q3 (results due at 07:00 CET on 27 October). We also expect seasonality to put a dent in Q3 collections and forecast a Q3 EBITDA of EUR19.5m. As we have lowered our 2022–2023e EPS by 3–4%, we have trimmed our target price to NOK12 (13). We reiterate our BUY and continue to find the risk/reward attractive, supported by a fundamentally strong market outlook and the modest valuation (2021e P/B of c0.6x).

Simen Mortensen
  • Simen Mortensen
YIT YIT OYJ (Construction & Materials)

YIT (Hold, TP: EUR5.00) - Q3 to mark low season; next up, CMD

The shares have fallen in Q3, leaving YIT looking more attractively valued at a discount to peers on P/E. However, we reiterate our HOLD since we see Q3 marking low season (and thus not providing any potential share-price catalysts) and do not expect any further colour on the new CEO’s plans to restore EBIT margins before the CMD (scheduled for 23 November). We have trimmed our target price to EUR5 (5.5) on our updated forecasts and peer valuations. The Q3 results are due at 08:00 EET on 29 Octo...

Simen Mortensen
  • Simen Mortensen
NRC NRC GROUP ASA (Industrial Goods & Services)

NRC Group (Hold, TP: NOK17.00) - Strong Q3 order bookings, but not whe...

NRC announced solid order bookings of cNOK2bn in Q3, making it the second-best ever quarter in terms of orders. However, volumes for the Swedish operations remain low, and we see a risk that NRC might again fail to raise EBIT margins in 2022. We see downside risk in Infront consensus ahead of the Q3 results (due at c07:00 CET on 9 November) and a weak order intake in Sweden, and thus reiterate our HOLD and NOK17 target price. We continue to see solid upside potential if the company can lift its ...

Simen Mortensen
  • Simen Mortensen
AFG AF GRUPPEN ASA (Construction & Materials)

AF Gruppen (Sell, TP: NOK134.00) - Consensus remain high, but not for ...

We do not believe escalating inflation for building costs will significantly affect the Q3 results (due at 07:00 CET on 11 November), and forecast a Q3 EBIT slightly above Infront consensus due to profits expected from the sale of Construction City in the Property division. However, we find the longer-term consensus EBIT margin too bullish, putting our 2022e EPSs c20% below consensus. Accordingly, we reiterate our SELL and have trimmed our target price to NOK134 (136) on updated peer valuations.

Håkon Astrup
  • Håkon Astrup
B2H B2HOLDING ASA (Financial Services)

B2Holding (Buy, TP: NOK13.50) - Positioned for an investment uptick

We expect investment activity to have remained modest in Q3, but forecast sustained operational improvements with solid unsecured collections. Seasonally lower secured collections should also support earnings through a lower amortisation rate, and we forecast a Q3 EPS of NOK0.34 (results due at 07:00 CET on 4 November). Despite the continued slow investment pace, we see solid fundamentals for a meaningful pick-up in Q4e and 2022e. We reiterate our BUY and NOK13.5 target price, as the risk/reward...

Håkon Astrup
  • Håkon Astrup
AXA AXACTOR SE (Financial Services)

Axactor (Buy, TP: NOK12.00) - A low-season quarter

While the market outlook remains attractive, we expect a sustained modest investment pace for Q3 (results due at 07:00 CET on 27 October). We also expect seasonality to put a dent in Q3 collections and forecast a Q3 EBITDA of EUR19.5m. As we have lowered our 2022–2023e EPS by 3–4%, we have trimmed our target price to NOK12 (13). We reiterate our BUY and continue to find the risk/reward attractive, supported by a fundamentally strong market outlook and the modest valuation (2021e P/B of c0.6x).

Simen Mortensen
  • Simen Mortensen
YIT YIT OYJ (Construction & Materials)

YIT (Hold, TP: EUR5.00) - Q3 to mark low season; next up, CMD

The shares have fallen in Q3, leaving YIT looking more attractively valued at a discount to peers on P/E. However, we reiterate our HOLD since we see Q3 marking low season (and thus not providing any potential share-price catalysts) and do not expect any further colour on the new CEO’s plans to restore EBIT margins before the CMD (scheduled for 23 November). We have trimmed our target price to EUR5 (5.5) on our updated forecasts and peer valuations. The Q3 results are due at 08:00 EET on 29 Octo...

Simen Mortensen
  • Simen Mortensen
NRC NRC GROUP ASA (Industrial Goods & Services)

NRC Group (Hold, TP: NOK17.00) - Strong Q3 order bookings, but not whe...

NRC announced solid order bookings of cNOK2bn in Q3, making it the second-best ever quarter in terms of orders. However, volumes for the Swedish operations remain low, and we see a risk that NRC might again fail to raise EBIT margins in 2022. We see downside risk in Infront consensus ahead of the Q3 results (due at c07:00 CET on 9 November) and a weak order intake in Sweden, and thus reiterate our HOLD and NOK17 target price. We continue to see solid upside potential if the company can lift its ...

Simen Mortensen
  • Simen Mortensen
AFG AF GRUPPEN ASA (Construction & Materials)

AF Gruppen (Sell, TP: NOK134.00) - Consensus remain high, but not for ...

We do not believe escalating inflation for building costs will significantly affect the Q3 results (due at 07:00 CET on 11 November), and forecast a Q3 EBIT slightly above Infront consensus due to profits expected from the sale of Construction City in the Property division. However, we find the longer-term consensus EBIT margin too bullish, putting our 2022e EPSs c20% below consensus. Accordingly, we reiterate our SELL and have trimmed our target price to NOK134 (136) on updated peer valuations.

Håkon Astrup
  • Håkon Astrup
B2H B2HOLDING ASA (Financial Services)

B2Holding (Buy, TP: NOK13.50) - Positioned for an investment uptick

We expect investment activity to have remained modest in Q3, but forecast sustained operational improvements with solid unsecured collections. Seasonally lower secured collections should also support earnings through a lower amortisation rate, and we forecast a Q3 EPS of NOK0.34 (results due at 07:00 CET on 4 November). Despite the continued slow investment pace, we see solid fundamentals for a meaningful pick-up in Q4e and 2022e. We reiterate our BUY and NOK13.5 target price, as the risk/reward...

Håkon Astrup
  • Håkon Astrup
AXA AXACTOR SE (Financial Services)

Axactor (Buy, TP: NOK12.00) - A low-season quarter

While the market outlook remains attractive, we expect a sustained modest investment pace for Q3 (results due at 07:00 CET on 27 October). We also expect seasonality to put a dent in Q3 collections and forecast a Q3 EBITDA of EUR19.5m. As we have lowered our 2022–2023e EPS by 3–4%, we have trimmed our target price to NOK12 (13). We reiterate our BUY and continue to find the risk/reward attractive, supported by a fundamentally strong market outlook and the modest valuation (2021e P/B of c0.6x).

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