AF Gruppen (Sell, TP: NOK105.00) - Asset sale lifts Q2e, but consensus and valuation still look too high
Including the asset development sale at Hassle, Oslo, guided by the company to provide a NOKc60m transaction gain, we forecast a Q2 EBIT adj. up 25% YOY; however, we are 4% below consensus for Q2 and more longer-term (2022–2024e). We reiterate our SELL given AF Gruppen’s high P/E premium to peers, and we have reduced our target price to NOK105 (115) on lower peer valuations.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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