Beijer Ref (Buy, TP: SEK335.00) - Keeping cool without heating up
We like Beijer Ref’s growth profile and believe the drivers are in place for continued organic growth. Also, M&A remains a core pillar, and in a fragmented market, we see scope for more. We expect Beijer Ref to be a relative winner in the next decade, and our DCF-based fair value of SEK335/share yields a 2022e EV/EBIT of 29.5x, a premium valuation in line with Nibe. We initiate coverage with a BUY and SEK335 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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