AF Gruppen (Sell, TP: NOK120.00) - Q1 results are secondary
Given the E4 Bypass Stockholm project cancellation and the filing of fraud charges with the Swedish police by Trafikverket, our focus will be on the company’s position in Sweden, not its Q1 results. AF Gruppen has released limited details on the Trafikverket situation and has denied the charges. Ahead of the results (due at 07:00 CET on 15 May), we are below consensus on Q1e EBIT, despite being at the consensus midpoint. We reiterate our SELL and NOK120 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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