Aros Bostad (Hold, TP: SEK38.00) - Making the best of a tough market
The Q1 results were solid, including POC-based adj. EPS of SEK0.5, above our SEK0.4 estimate. In line with its plans, the company started 213 pre-sold units in Q1. Moreover, with 10 units sold in Q1, pre-sales of ongoing projects increased to 91%, reducing the risk, in our view. We have made minor estimate changes, and reiterate our HOLD and SEK38 target price, based on our NAV adj. after a c40–50% haircut to the reported net overvalue of its land bank.
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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