AF Gruppen (Sell, TP: NOK95.00) - Q4 disappoints
Following the disappointing Q4 results, explained by lower Betonmast, Sweden, and Offshore margins than we forecast on project writedowns in all three, we have lowered our 2024e Sweden and Betonmast EBIT margins, and in turn cut our group 2024–2026e EPS by c3–4% and our target price to NOK95 (100). 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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