Aros Bostad (Buy, TP: SEK62.00) - POC-based net income in line
Q2 POC-based net income was just above our forecast, while IFRS-based EPS missed as we were too high on profits from its fully owned Järva project (and a higher share of the profits were booked in Q1 than we expected). We have factored in the latest acquired project and adjusted our estimates, affecting our 2021–2023e EPS. We have made limited changes to our 2024–2025e EPS. We reiterate our BUY and SEK62 target price, corresponding to a 2025e P/E of ~6x.
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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