Ahlsell AB (Buy, TP: SEK70.00) - Quality valued at a discount
On the back of strong preliminary Q2 market data from Sweden and recent acquisitions, our Q2 forecasts are 3% ahead of consensus, with sales of SEK7.92bn (+6.5% organic growth) and adj. EBITA of SEK697m (8.8% margin). We still see the attraction of Ahlsell as a high-quality operation valued below the sector average, reiterating BUY and a target price of SEK70 ahead of the Q2 results due on 19 July at 07:30 CET.
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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