AF Gruppen (Sell, TP: NOK95.00) - No longer in line with track record
While AF Gruppen reported some of the highest and most stable EBIT margins in the sector during 2012–2021, we believe the results from 2022 and more so from Q3 have shown the company is not immune to market risks. The weak Q3 has prompted us to cut our forecasts 2023-25e, as we expect it to take some time to tackle the soft profitability. We continue to see downside risk to 2023–2025e consensus EPS. We reiterate our SELL and have cut our target price to NOK95 (105).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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