AF Gruppen (Sell, TP: NOK115.00) - Bounces back in Q3
AF Gruppen bounced back in Q3 after having fallen below forecasts in the two previous quarterly reports. However, we note the beat was driven mainly by the more volatile divisions – Property and Offshore – as well as new segment Betonmast. The larger, more stable divisions (Civil Engineering and Building) were below forecasts. Following the Q3 beat we have raised our 2020e EPS by 13%, but see less impact on 2021–2022e. We have lifted our target price to NOK115 (110) on our updated forecasts and peer valuations, but given the downside risk 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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