Ahlsell AB (Hold, TP: SEK55.00) - Judgement day closing in
Ahlsell’s Q4 results brought 8.1% organic growth YOY, suggesting the Nordic market leader continued to gain share in the supportive underlying market. Despite CVC’s proposed offer in our view undervaluing Ahlsell’s high-quality operation and strong FCF capacity, and not ruling out a higher competing offer, we reiterate HOLD with a target price of SEK55, in line with the cash offer.Ahlsell AB (publ) is a Sweden-based company, which is primarily engaged in the construction materials industry. The Company operates as a provider of installation products, tools, construction supplies for installers, construction contractors, janitors, public sector, industrial and power companies. The Company offers a wide range of solutions within water and sewage, heating and sanitation, ventilation, insulation, electricity, industrial refrigeration, plumbing installation, energy management, construction and personal protective equipment, among others. In addition, it supplies cleaning and hygiene products. The Company operates domestically through retail chain and provides online shopping services, such as Proffsmagasinet.
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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