Aros Bostad (Hold, TP: SEK30.00) - Project starts guidance slightly reduced
We find the Q3 results solid, with POC-based adj. EPS of SEK0.3 (we forecast SEK0.1) and IFRS-based EPS of SEK0.8 (SEK0.3), with the outperformance due to more completions than we expected. Business remains strong, in our view, with solid margins. However, given the more muted project ramp-up guidance, we have reduced our project start forecasts. We have lowered our NAV-based target price to SEK30 (38) and reiterate our HOLD, awaiting 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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