AF Gruppen (Sell, TP: NOK99.00) - Development sales set to boost Q3
Ahead of the Q3 results (due at 08:30 on 9 November, we have cut our margin forecasts for Civil Engineering as we expect margins to have continued to be held back by the early stage of projects. However, at a group level, we expect high margins on the sale of two commercial properties at Hasle. Nevertheless, given the substantial valuation premium to peers, we reiterate our SELL recommendation; we have raised our target price to NOK99 (96) on our updated peer valuation.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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