AF Gruppen (Sell, TP: NOK134.00) - Consensus remain high, but not for Q3
We do not believe escalating inflation for building costs will significantly affect the Q3 results (due at 07:00 CET on 11 November), and forecast a Q3 EBIT slightly above Infront consensus due to profits expected from the sale of Construction City in the Property division. However, we find the longer-term consensus EBIT margin too bullish, putting our 2022e EPSs c20% below consensus. Accordingly, we reiterate our SELL and have trimmed our target price to NOK134 (136) on updated peer valuations.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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