Aros Bostad (Hold, TP: SEK51.00) - Accelerating in a tough market
The Q2 results were solid, in our view. Despite the tough market, we have raised net starts for 2023–2024e from 480 to 650 on the strong sales/booking rate of 91% and following a large land bank acquisition bought through the issuance of new shares. We do not expect the dilution effect of 53% (common share-count-based) to be fully offset by earnings growth. Due to increasing market risks and our estimate cuts, we have lowered our target price to SEK51 (60) and reiterate our HOLD.
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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