Beijer Ref (Buy, TP: SEK205.00) - Stricter F-gas regulations to come
Beijer Ref’s Q1 results beat our underlying estimates, with solid organic growth and earnings leverage. Supply-chain issues resulted in a working capital build-up ahead of the high season. We have raised our underlying 2022–2024e EBIT by 1–3%. We still see a sound long-term earnings growth case, and reiterate our BUY and SEK205 target price.
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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