AF Gruppen (Sell, TP: NOK112.00) - Q1 miss, DPS might be reduced
The Q1 results fell short of our forecasts on lower profits in almost all divisions. While the company maintained its proposed DPS of NOK6 for H1, we note the board’s statement that DPS might be reduced going forward. On the back of the earnings miss, we have reduced our 2020–2022e EPS, and in turn our target price to NOK112 (122). We reiterate our SELL.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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