AF Gruppen (Sell, TP: NOK105.00) - Valuation still too rich versus peers
AF Gruppen’s share price has fallen by 29% in the past 12 months, but so too have peers’, leaving its valuation still looking rich, in our view. Our Q1e EPS is marginally below Infront consensus (results due at 07:00 CET on 12 May). Based on its P/E premium versus peers and our below-consensus 2023–2025e EPS, 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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