Aros Bostad (Hold, TP: SEK38.00) - Positioned to await a better market
Q2 results were neutral with POC-based adj. EPS of SEK0.3, above our SEK0.1 estimate. The ramp-up of projects on its own book has yet to materialise and depends on market factors, while its tilt towards small-sized projects and a solid balance sheet makes us optimistic about it being ready once the end-market turns. We have reduced our 2023–2025e EPS due to a cut to near-term project starts, while we reiterate our NAV-based SEK38 target price and our HOLD, awaiting 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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