AF Gruppen (Sell, TP: NOK105.00) - In line with consensus for Q4e
Our Q4e earnings are broadly in line with Infront consensus across all key reporting lines. However, we expect the order intake and backlog to be strong points. Longer term, we see downside risk to consensus as it sees a substantial EBIT-margin improvement by 2024e, which we find unlikely given current market conditions. Due to this and the stock trading at a P/E well above peers, we reiterate our SELL and NOK105 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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