AF Gruppen (Sell, TP: NOK100.00) - High order intake, but consensus and P/E valuation look too high
AF Gruppen looks set to report one of its highest ever Q2 order intakes (results due at c07:00 CET on 25 August), with cNOK7.3bn announced in orders QTD. We continue to find the P/E premium versus peers too high and believe consensus is too bullish on an EBIT margin recovery on the Q1 profit warning and a falling EBIT margin in recent quarter; we reiterate our SELL and NOK100 target price.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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