Aros Bostad (Hold, TP: SEK40.00) - Strong profitability in ongoing projects
POC-based adj. EPS grew strongly to SEK1.2 in Q4 and was SEK2.0 in 2022. We have cut our 2024–2025e EPS by 14–31% as we have lowered our selling price assumptions to 15% below its average selling price in ongoing projects. We have also increased our share count estimates for 2024e, while we have raised our 2024–2025 project starts forecasts somewhat to 720 (650) net units following its ALM acquisition. We reiterate our HOLD but have cut our target price to SEK40.
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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