AF Gruppen (Sell, TP: NOK110.00) - Forecasts cut on residential slowdown
While having less own-development risk exposure to residential markets than peers, AFG’s Building segment is exposed to the slowing housing market, so we have cut our volume forecast there. Ahead of Q3 results on 10 November (08:30 CET), we are in line with consensus, and our focus will again be on margins and the Building division’s exposure to the Norwegian residential market. We have cut our target price to NOK110 (115), and we reiterate our SELL recommendation.Kilen Brygge ASSandakerveien 99B KSAF Gruppen ASA is a contracting and industrial company. Through its subsidiaries, Co. is engaged in property, building, civil engineering, environment, and energy businesses in Norway, Sweden, Poland, and the United Kingdom. Co. has divided the business into five operating segments: Civil Engineering, Building, Property, Environment and Energy.
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.
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