Ahlsell AB (Buy, TP: SEK70.00) - Easter effect on strong markets
With a negative Easter effect to account for, we still find Q1 trade statistics supportive (Sweden +4.2%, Finland +5.5%, and Norway -4.0%), with Ahlsell's track record of taking market share likely to continue. The Q1 report is due on 27 April at 07:30 CET, and we forecast sales of SEK7.05bn (+5.3% organic YOY) and adj. EBITA of SEK562m (8.0% margin). We still like Ahlsell as a high-quality operation valued below the sector average, and reiterate our BUY with a target price of SEK70.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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