AF Gruppen (Sell, TP: NOK96.00) - Below expectations again
AFG fell shy of both our and consensus EBIT forecasts for the fourth consecutive quarter. While its margins are still very high and among the best in the sector; expectations are in our view too high. We still see consensus EPS downside, driven mainly by bullish consensus EBIT margin forecasts. Reduced peer valuations have prompted us to cut our target price to NOK96 (108), and 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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