AFRY (Buy, TP: SEK230.00) - Q3 likely a repeat of Q2
For Q3, we expect similar market and demand dynamics to Q2, with low capacity utilisation in Process Industries (PI) and weak demand in parts of Industrial & Digital Solutions (IDS) weighing on EBITA. However, the infrastructure turnaround looks set to continue, and group capacity utilisation should improve YOY, excluding PI, in our view. We reiterate our BUY and SEK230 target price.
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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