Beijer Ref (Buy, TP: SEK215.00) - Short-term pain, long-term gain
We expect Beijer Ref to continue to face short-term challenges from supply-chain issues and Covid-19 lockdowns, especially in its OEM business. However, short-term delivery problems could fuel pent-up demand from swelling order books in OEM, pent-up HORECA demand in refrigeration, and strong HVAC growth in Europe. We have cut our 2021–2022e EBIT by 3–0% but have not changed our view of a sound long-term earnings growth case and reiterate our BUY with a new target price of SEK215 (185).
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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