The super cycle is ending
We reiterate our negative view on Nordic residential construction and we remain below consensus for housebuilders and some of the diversified construction names, implying downside risk. NRC remains our only BUY in the sector given its 100% exposure to civil engineering, which we expect to remain strong, while we maintain SELL recommendations on AF Gruppen, JM, Peab, and YIT and we recently lowered Solon Eiendom to SELL (HOLD).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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