Aros Bostad (Hold, TP: SEK28.00) - Solid end to 2023
We find the Q4 results solid, with a strong POC-based EBIT margin of 11%, and EPS adj. in line with our forecast, but an IFRS-based EPS beat at SEK0.7 (we forecast SEK-0.1) due to a timing effect (more Q4 unit completions than we expected). We reiterate our HOLD but cut our target price to SEK28 (30), awaiting more clarity on the potential merger with Besqab as well as signs of an improved end-market.
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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