Report
Ebba Bjorklid
EUR 88.42 For Business Accounts Only

AFRY (Hold, TP: SEK170.00) - Potential Infrastructure turnaround

We have upgraded AFRY to HOLD (SELL) and raised our target price to SEK170 (110), following the Q4 results, given that a turnaround of the Infrastructure division seems more likely near-term. In Q4, Infrastructure’s profitability improved due to better capacity utilisation; meanwhile, AFRY appeared better at mitigating weak end-market demand by increasing exposure to other areas.
Underlying
AF Poyry AB Class B

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Ebba Bjorklid

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