AF Gruppen (Sell, TP: NOK109.00) - Trading 48% above peers on P/E
AF Gruppen has some of the best margins in the sector, and again in Q4, but these margins translate directly to EPS. The share continues to trade at a at a c48% P/E premium to peers, and with the high valuation we reiterate our SELL. The Q4 results beat our forecasts on higher revenues, but the order backlog was a disappointed. We have raised our target price to NOK109 (104) on our updated forecasts.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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